Regulation

TCH Releases Business Principles, Expands RTP Committee

The Clearing House Releases Business Principles

The Clearing House (TCH), which operates the RTP Business Committee, has added four seats to the committee to incorporate community bank and credit union representation, and also released a set of business principles to outline the RTP’s work.

TCH announced the news on Thursday (March 28), and said the four new representatives will meet with the RTP Business Committee monthly to help guide the committee and make sure it follows prudent risk management practices, as well as to establish rules.

“The RTP network was built for financial institutions of all sizes,” said Jim Aramanda, president and CEO of The Clearing House. “Having four new financial institutions at the table representing system users of different sizes will help ensure that the network fully incorporates the needs of all users as real-time payments become universally available throughout the country.”

The RTP network was created to help depository institutions with their needs.

“The RTP network has a single price for all participants regardless of size, with no volume discounts, no volume commitments and no monthly minimums,” TCH said. “The network’s technology is designed to support commercial innovation and is expected to lead to the development of a wave of products that will allow users to exchange non-payment messages, images and other value-added features.”

TCH also released a set of principles for the network to show how it will be managed and also specified pricing for the system.

“We are releasing the business principles for the RTP network after listening to the industry and responding to their requests for more information about the network,” said Jim Aramanda, president and CEO of TCH. “The RTP network was built for financial institutions of all sizes throughout the U.S. financial system, and our goal is to ensure that these depository institutions are provided with a clear understanding of the system, including its pricing and ongoing governance. In addition to the business principles, the RTP pricing schedule, operating and participation rules, message specifications, security requirements and more have been – and will continue to be – publicly available on TCH’s website.”

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