The Clearing House (TCH) is one step closer to building out a new real-time payments system in the U.S.
TCH announced yesterday (Oct. 26) it has entered into a letter of intent with U.K.-based international payment systems provider VocaLink to help establish the network.
"Building a real-time payment system is centered around meeting customer needs,” Jim Aramanda, CEO of TCH, said in a press release.
“I am confident that working together with VocaLink we can build the most innovative and widely used real-time payment system in the world.”
VocaLink is responsible for building and managing the U.K. Faster Payments Service on behalf of the Faster Payments Scheme. The real-time payments technology was launched in 2008 and has since processed over 4 billion secure payments.
"We are delighted to be working in collaboration with The Clearing House to develop real-time payment solutions with innovative value-added services for the U.S.A.,” said David Yates, CEO of VocaLink.
"As the digital payments landscape continues to evolve, creating global market and business opportunities, it is vital that the U.S.A., which is the largest developed economy in the world, remains at the forefront of payments innovation."
TCH intends for the new real-time payments system to be compliant with the Consumer Financial Protection Bureau’s (CFPB) “Consumer Protection Principles” for faster payment systems, which include ubiquity, commercial payments, seamless integration and conformity to international ISO 20022 standards, among others.
"Our real-time payment system will enable customers across the country to make secure, convenient payments instantaneously,” Aramanda continued. “This real-time payment system will enable business to process invoices, governments to send disaster relief funds and individuals to pay contractors — all within an instant."
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