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Real-Time Payments (RTP) & Instant Payments Overview : Real-Time Payments (RTP) systems allow funds to transfer instantly between bank accounts, offering 24/7 availability, even outside standard banking hours. Usage : RTP systems are growing rapidly; India’s UPI processed 74 billion transactions in 2023, while Zelle in the U.S.
Vocalink also has been involved in the launch of The Clearing House’s RTP in the U.S., Separately, a number of retailers, among them giants Target and Walmart, have requested that the Federal Reserve create a real-time interbanksettlement system. SWIFT has said it is working with 14 banks globally.
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