RTP is a new service that enables near-instantaneous transfers between financial institutions, implemented by an increasing number of U.S. banks. The service significantly improves the existing ACH system, which may take days to accomplish simple money transactions.
The Clearing House, a U.S. payments business affiliated with most of the country’s central commercial banks, manages the Real Time Payments network. This service will only be available to consumers in the United States.
The announcement on Thursday is essential because it represents a collaboration between North America’s biggest crypto exchange and two internet behemoths, each of which has substantial payment aspirations. Coinbase also said that more people may now send money using their PayPal accounts.