RTP Network Drives Use Cases, Value For SMBs | PYMNTS.com

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The Clearing House’s RTP network is now several years old, and while the real-time payments capability is gaining traction, adoption in the B2B landscape remains muted.Indeed, it can be difficult for businesses to change their payment habits. Just ask the estimated 42 percent of small- to medium-sized businesses (SMBs) that continue to use paper checks to make B2B payments.The pandemic has accelerated that shift away from paper, however, and is helping to drive use of the RTP network, according to Steve Ledford, senior vice president of Products and Strategy at The Clearing House. As he told PYMNTS, the coronavirus crisis created an environment in which businesses migrated from checks to electronic payment methods out of necessity.But there is more work to be done. Looking ahead, financial services providers and their business clients will have to explore an expanding list of value propositions surrounding the RTP network for corporates and SMBs in order to understand how real-time payments can benefit both senders and receivers.Ledford explored some of those emerging use cases and offered insight into what’s next for the RTP network that could add even more opportunities for financial institutions (FIs) and businesses to extract value …

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