The real-time payments network is gaining momentum, with 41 percent of businesses saying they are currently discussing it or implementing it.Information about the transaction also travels with the funds, so recipients know where the money is coming from and why. In contrast, payments can be made electronically by a customer through the real-time payments network and the funds instantaneously move from one account to another. Under the current payment model, it usually takes a day or more for checks to clear and money to move from one account to another. The Citizens survey found that more than 75 percent of businesses still make or accept payments using paper checks and more than 45 percent still make or accept some payments in cash, highlighting the scope of the potential transformation. Cash flow predictability and payment reconciliation will also be greatly improved. “There are tremendous advantages in terms of speed and certainty of payments. payment system since the 1970s and businesses see this as a crucial opportunity to modernize their payment practices,” said Michael Cummins, head of treasury solutions at Citizens. “Real-time payments is the most sweeping change to the U.S. payments system since the Automated Clearing House (ACH) in 1974, will likely mean the end of cash and check payments and will usher in a new era of instant transactions, while vastly improving business cash flow.
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CHECKBOOK MAG UPGRADE
Nearly two-thirds said real-time payments, the biggest upgrade to the U.S. billing and payment processing that can transform the way business is done. Per the bank’s Real-Time Payments Outlook, 90 percent of businesses expect real-time payments, a fast new standard in U.S.
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Soon you’ll be able to forget about balancing your checkbook – or even having a checkbook – according to research by Citizens Commercial Banking, which has NH headquarters in Manchester.