SWIFT to facilitate instant payments in the US
Written by Anthony Strzalek
SWIFT has announced that it will provide US institutions with a gateway to The Clearing House’s real-time payments (RTP) platform.
SWIFT will provide an interface to manage the requirements of sending and receiving domestic instant payment transactions on behalf of customers.
The Clearing House (TCH) is building a new clearing and settlement system to support domestic instant payments in the US, allowing consumers and businesses to send and receive payments in real-time and directly from their accounts at financial institutions. It will also include data and non-payment messages that financial institutions can use to build digital commerce solutions.
SWIFT’s solution for the US market will give banks the opportunity to leverage a single platform, Alliance Messaging Hub (AMH) for both SWIFT high-value payments and low-value TCH real-time payments.
Ignacio Blanco, director of strategic relationships at SWIFT, said: “SWIFT is working together with communities worldwide to support the global shift towards real-time payments, and we are pleased to be at the forefront as the US market evolves.
“The Clearing House is making great strides in accelerating the speed of transactions, and we are committed to playing our part in helping the financial community to operate as efficiently as possible.”
Steve Ledford, senior vice-president of product and strategy at The Clearing House, added: “Given its reach and expertise in payments, SWIFT is a great collaborator as we bring a wide-scale real-time payments system to the US market. Achieving our vision of broad adoption of real-time payments will only be possible when the majority of US institutions are able to participate, and SWIFT will be instrumental in helping us meet this goal.”