Real-time payments (RTP) have already begun to transform the corporate treasury function, delivering a more efficient payment experience for businesses, their customers, payees, and employees. Now a key change will open up more opportunities for CFOs and treasurers who are considering RTP as a way to save time and money in their payments processes and give their business a competitive edge.

RTP provides immediate settlement of funds and instant payment notification for consumers and businesses of all sizes. Thus, with RTP, companies don't need to wait days for a payment to settle and funds to flow into a bank account. RTP payments are less expensive than wire transfers, and unlike a wire, they can be sent outside of banking hours.

As of April 18, companies can move significantly more money through these payments—up from $100,000 previously to $1 million per transaction today. This means RTP transactions can be larger, while still providing fast and transparent payments for all parties.