 TITLE: What Are Real-Time Payments? CONTENT: Real-time payments became a reality in the U.S. in 2017, when The Clearing House Payments Company introduced new digital infrastructure capable of processing transactions almost instantly. The idea was revolutionary, and it allowed the average consumer to shop and pay bills online, or deposit a check using their mobile phone. Quickly, instant transactions became routine.\nIn addition to becoming a popular feature of person-to-person (P2P) payment apps like CashApp and Venmo, real-time payments are also a simple and transparent way for businesses to pay contractors, issue payroll and receive payment.\nReal-time payments are a way to avoid the lengthy verification processes that slow traditional transactions down. Paper checks can take days—even weeks—to post after being deposited. Regular electronic transfers, as already mentioned, are often a three-day event. Even credit and debit card transactions can take a day or longer to \"settle,\" even though purchases go through instantaneously. END