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Real Time Payment (RTP) - Is anyone currently using for payroll, AP or AR?

  • 1.  Real Time Payment (RTP) - Is anyone currently using for payroll, AP or AR?

    Posted 10 days ago
    Our commercial banking rep was recently discussing new features that they offer.  One of those is Real Time Payment (RTP).  Is anyone currently using RTP (with/out GP) as a replacement for 1) ACH/off-cycle payroll 2) as a replacement for AP wires or 3) collecting receivables?  Attached are screenshots from the bank' slide deck about RPTs. 

    My understanding is that you can include two way messaging when sending payment.  The biggest application in my mind is being able to electronically see and receive receivable payments with matching invoice numbers, particularly if it means not having to wait for a physical check to be carried by the by carrier and processed by the lockbox.  

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    Chris Pang
    Financial Planning and Analysis Manager
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