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Friday, November 17, 2017

Real-time payments launch, American style

The Federal Reserve's vision of real-time payment systems accessible to U.S. consumers and businesses alike is inching closer to reality. On Nov. 13, 2017, the first real-time payment was processed through RTP, a new payment system developed by The Clearing House. The exchange was between BNY Mellon and U.S. Bank. At least four other large U.S. banks – Citibank, JPMorgan Chase, PNC Bank and SunTrust Bank – are expected to start moving payments through RTP any day now, TCH said.

RTP – which TCH describes as "the first new core payments infrastructure in the U.S. in more than 40 years" – was a collaborative effort involving TCH's 25 owner banks and Vocalink. Vocalink, which is majority-owned by Mastercard, developed the technology that undergirds several existing real-time payments networks, including the U.K.'s Faster Payments Scheme.

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