Bank of America Launches “Real Time” Payments citing “Instant Settlement”

United States banking giant Bank of America to launch “Real Time Payments” gradually, through 2019 and 2020.

Immediately send and receive payments using the first new clearing system in the U.S. in more than 40 years. Real-Time Payments can help transform how you transact, making business easier with anytime availability, sender and receiver notifications and enhanced messaging

BENEFITS

  • Funds are transferred within 15 seconds
  • Payments are final
  • Flexible messaging, using ISO 20022
  • Faster, easier receivables reconciliation
  • 24/7/365 availability

WAYS TO USE

  • Immediate supplier payments
  • Emergency disbursements
  • Payroll for hourly employees
  • Customer billing and dispute resolution
  • Many other uses

View more on Bank of America’s website.

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