At U.S. Bank, we expect this change to motivate some companies to identify new ways they can take advantage of RTP, and for usage across the United States to expand. The Clearing House reported that 37.8 million RTP transactions took place in Q4/2021, for a total of $15.7 billion—up 13 percent over the previous quarter.

From auto dealers to insurance companies, healthcare organizations to retailers, and investment brokerages to title companies, all types of businesses can use RTP to:

• Send and receive payments instantly, 24×7;
• Streamline back-office processing, thanks to detailed data carried within each RTP transaction; and
• Improve liquidity by providing faster access to the proceeds from a sale, even on weekends and holidays.

Treasury and finance professionals who understand the prospective benefits to their organization of faster payments are better prepared to stay a step ahead as digital payments evolve. We expect RTP to become increasingly embedded in the software that treasury and finance functions use every day, which will allow us all to reimagine and transform the movement of money. For treasurers ready to improve their payment experience, we believe RTP has the power to be a game changer.

See also:

• How to Upgrade Your Accounts Receivable Strategy
• Key Success Factors for Treasury in the 'Next Normal'
• FedNow Instant Payments Will Not Prevent Fraud
• Companies That Don't Modernize Payments Risk Being Left Behind
• Real-Time Payments: What to Know, and What to Do

Shailesh Kotwal is vice chair of payment services at U.S. Bank, the fifth-largest bank in the United States with operations in North America and Europe. As one of the top payments providers for corporate America, U.S. Bank has trusted relationships with businesses of all sizes, at a range of different places in their digital transformation.