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These new technologies will appeal to Gen Z and millennials, who are more comfortable with technology.<br><br>RTP solves the shortcomings of ACH and Wire Transfer, which take up to one business day to move funds (although same-day ACH is now possible). In addition to speeding bank transfers, real time payments reduce the risk of transactions by making funds irrevocable and support attaching richer context to each transaction. They also facilitate greater transparency in the banking process, a top concern for 30% of PYMNTS survey respondents. They can also help reduce costs by implementing more efficient financial planning and management. They can even increase liquidity and decrease the requirement for credit, which is a key benefit for smaller businesses that are experiencing slow ACH payments.
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