Real-time payments network operator The Clearing House (TCH) has a new chief product officer.
Margaret Weichert, who comes to TCH following a stint as North American payments practice lead for Accenture, will lead product development for TCH’s payments networks, the company said in a Monday (Oct. 30) news release.
“The Clearing House is the top private-sector payments network operator in the United States that leverages its unique capabilities to support bank-led innovation,” Weichert said. “I’m happy to bring my experience working with various industry constituents to continue to provide innovative products across all of TCH’s payments networks and to help accelerate the impressive growth of the [real time payments (RTP)] network.”
In addition to RTP, Weichert’s duties will also involve overseeing product development for other TCH payment products, CHIPS, ACH (EPN) and check clearing.
“We are excited to have Margaret join The Clearing House,” said David Watson, TCH’s president and CEO. “Margaret’s deep experience with financial institutions, FinTechs and technology providers will be an asset that helps the company to continue to be a leader in payments innovation.”
This year has seen a number of changes to TCH’s executive team, including Watson’s appointment as chief executive in January.
PYMNTS CEO Karen Webster spoke with Watson earlier this month about the potential — and challenges — facing real-time payments in the United States.
There are two dimensions to consider, he said, in measuring the readiness and the progress of faster payments on a scale of one to 10, according to Watson.
“In terms of the capabilities we can offer, we’re at about a seven. In terms of the takeup, the use and the explosion of those payments, we’re at about a one or two,” he said. “It’s a long journey to change an infrastructure and a settlement model.”
Watson also forecast hockey-stick-like growth in instant payments in the next five to 10 years as various trigger points are met and receivers pressure senders to embrace real-time payments.
“But the pace will be more marathon than sprint, chiefly because there is a bit of lag in the mix, tied to the need for more understanding and education surrounding the payments themselves,” Watson said.