Real-time payments (RTP) is a payment system that allows for the immediate, online transfer of funds. Unlike traditional payment methods like checks or ACH transfers, which can take days to process, RTP payments are instant and typically settle within seconds. This makes RTP an ideal option for time-sensitive transactions, such as paying bills or splitting a restaurant check. RTP is also becoming increasingly popular for person-to-person (P2P) payments, as it eliminates the need to wait for a check to clear or for funds to be transferred from one bank account to another.

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