Exploring RTP for Modernizing Business Processes
RTP®, or Real-Time Payments, is a new payments system developed by The Clearing House that allows the sending and receiving of funds instantaneously, while automatically notifying the sender that the funds are delivered. RTP is the latest development in the digital payments space and has been widely embraced by many financial institutions, although the impact of the new payment option on businesses has been less apparent.
Businesses have much to gain by adopting RTP, including improved cash flow and data management. With RTP, companies will see a substantial decrease in costs and operational requirements of foundational back-office processes like accounts receivable and accounts payable. Despite these benefits, adoption is still low in this segment.
Levvel’s research and industry experts spoke to hundreds of digital payment leaders to better understand the challenges of Real-Time Payments adoption. Interestingly, the biggest reason for low adoption is not the typical barriers you would normally see around software implementation, such as concerns with cost or gaining buy-in. In fact, the greatest barrier is simply a lack of awareness and education on the RTP use cases and business value. Research indicates that when organizations are properly informed on RTP, interest in and adoption grows.
This report provides a guide to the many use cases of RTP for businesses. It will outline the ROI (return on investment) of adoption for many other key areas of business, including financial management processes, product delivery, and customer satisfaction. Levvel hopes to bridge the educational gap so that businesses can start experiencing the transformative power of RTP.
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