Real-time payments are becoming increasingly popular as a preferred method of payment for both merchants and consumers in today’s always-on world. The U.S. Federal Reserve’s upcoming FedNow launch is expected to boost adoption. Real-time payments offer quicker cash flow management, improved liquidity, and better back-office efficiencies for merchants. Meanwhile, consumers benefit from fast, hassle-free payments regardless of time or distance. However, faster payments also pose a significant risk, making anti-money laundering controls essential for fintechs, banks, and payment service providers to prevent financial crimes.
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