Which type of payment is typically preferred for urgent transactions?

RTGS (Real-Time Gross Settlement) payments are typically preferred for urgent transactions because they allow for the immediate transfer of funds on a real-time basis. This means that once the payment is initiated, it is processed instantly and the recipient receives the funds without delay. This is particularly important when dealing with time-sensitive transactions, such as real estate purchases or large corporate payments, where both the sender and recipient require assurance that the funds are transferred quickly and securely.

In contrast, ACH payments can take several business days to settle, while credit and debit card payments may also involve delays due to processing times related to card networks. Therefore, RTGS payments stand out when speed is of the essence, as they eliminate the lag often seen in other payment methods.