Survey: Real-Time Payments Capability Top Factor in Bank Selection by Businesses

A recent survey by Citizens Financial Group found that 85% of business leaders say real-time payments capabilities is the most important factor when choosing a bank. The national survey of 260 corporate decision-makers also found that the ability to offer real-time payments was considered even more important than providing the lowest-cost financing.

Seventy-three percent of respondents to the annual payments and treasury survey said they have an interest in having a secure “mobile-optimized treasury management platform.” Four in 10 that use a treasury management platform expressed frustration with their current technology and said their time working with the platform could be more productive.

The survey also found that 81% believe that RTP would be very or somewhat transformative to their firm’s payments process, if adopted. The most cited applications of RTP was managing cash flow more accurately and handling payments requiring immediate attention.