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Vocalink powers real-time payments in the US

By Chris Lemmon

The Clearing House has launched a new real-time payments system in the US, which leverages technology from UK payments firm Vocalink.

The new platform, labelled RTP, enables consumers and businesses to send and receive immediate payments domestically, with financial processes that used to take days now concluded within seconds. Two banks – US Bank and BNY Mellon – have completed the first live transactions.

The technology behind the new RTP platform is an evolution of Vocalink’s successful systems developed in the UK, Singapore and Thailand. The solution has been designed to ‘run on its own rails’, working alongside and between conventional settlement systems.

The TCH system operates 24/7 to process credit transfers, requests for payment, requests for information, confirmation messages, returned and rejected payments and system and service related messages. It also integrates support for multiple transaction channels, including online and mobile.

Paul Stoddart, CEO of Vocalink, said: “The US can now claim a leading position in real-time payment solutions. Working together with The Clearing House, we have delivered a best-in-class, functionally rich system capable of meeting the demands of today’s US economy while building a system robust enough and flexible enough for further innovation.

“Now the US is not only aligned with other markets, but is a trailblazer in the payments sector, providing consumers, businesses, banks and governments with the choice they demand.”

Jim Aramanda, CEO of The Clearing House, added: “The launch of our RTP system, which was developed using Vocalink’s technology, is a significant development for America’s banks, consumers and businesses. Not only will people be able to process payments in seconds, but the system offers a suite of payment-related communications.

“We will provide increased efficiency and solve problems for businesses large and small as they track and reconcile payments. This new capability provides an opportunity for banks and others to add value for their customers.”

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