Companies

What Payment Firms Want From Real-Time’s Next Chapter

American Banker

"The Clearing House's real-time payments network and the Federal Reserve's FedNow have gained hundreds of banks, but overall acceptance of instant settlement is still low, leading bankers at this week's Clearing House annual conference to question that path for future growth."

Tags: The Clearing House (TCH)

Companies

America Loves Instant Payments, as New RTP® Network Records Show

The Clearing House

"The RTP® network, the largest instant payments system in the United States operated by The Clearing House, now averages over 1 million payments per day. The RTP network also set single day records of 1.46 million transactions valued at $1.24 billion on November 1."

Tags: The Clearing House (TCH)

Companies

Regulators Should Take the Reins on Fintech Oversight

The Clearing House

"The Bank Policy Institute and The Clearing House Association commented on partnerships between banks and fintechs in a letter to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve."

Tags: The Bank Policy Institute The Clearing House (TCH)

Companies

Banks Urge CFPB to Extend Compliance Period for Consumer Financial Data Rule (Section 1033)

The Clearing House

"The Clearing House Association, Bank Policy Institute, Consumer Bankers Association, and American Bankers Association sent a letter late yesterday to the Consumer Financial Protection Bureau calling for the Bureau to extend the compliance deadline for its forthcoming rule governing consumer financial data known as Section 1033."

Tags: The Clearing House (TCH)

Companies

RTP® Network Has Billion Dollar Day

The Clearing House

Consumers and businesses sent over $1 billion in instant payments on June 28 over the RTP® network, a single day record for the largest instant payments system in the United States, operated by The Clearing House.

Tags: The Clearing House (TCH)

Companies

Correcting the Record on the Electronic Fund Transfer Act (The Clearing House)

The Clearing House

"The American Bankers Association, Bank Policy Institute, New York Bankers Association, and The Clearing House Association responded to CFPB General Counsel Seth Frotman’s blog post regarding the state of New York’s lawsuit against Citibank over alleged wire transfer scams that affected some bank customers."

Tags: The Clearing House (TCH)

Companies

CHIPS® Network Successfully Migrates to ISO 20022 Message Format

The Clearing House

"The CHIPS® network, the largest private-sector high-value clearing and settlement system in the world, which is operated by The Clearing House, successfully migrated to the ISO 20022 message format on the April 8 banking day."

Tags: The Clearing House (TCH)

Companies

RTP® Network BreaksRTP® Network Breaks Instant Payments Records Instant Payments Records

The Clearing House

"Consumers and businesses took advantage of instant payments through The Clearing House RTP® network, which resulted in numerous records set in the first quarter of 2024. The network experienced a record 76 million transactions in the first quarter, valued at $42 billion. March was also a record month with nearly 27 million transactions, and March 1st is now the single day with the most transactions at over 1.25 million."

Tags: The Clearing House (TCH)

Companies

NetXD Launches Cloud-based Solution for the RTP® Network as a Third-Party Service Provider

Business Wire

"NetXD has launched as a Third Party Service Provider (TPSP) for The Clearing House’s (TCH) RTP® network marking the launch of one of the industry’s first fully cloud-based solutions for the RTP network."

Tags: NetXD The Clearing House (TCH)

Companies

Growing Volumes on The Clearing House’s ACH Network Lead to Impressive Upward Trajectory

The Clearinghouse

"Transaction volume on EPN, the ACH network from The Clearing House, grew 8% in 2023, outpacing the broader ACH market and continuing impressive yearly growth. In 2023, EPN processed over 19 billion transactions worth $52.4 trillion."

Tags: The Clearing House (TCH)

Companies

2023 ACH Volume on TCH’s EPN Continues Steady Year-Over-Year Growth

The Clearing House

"Transaction volume on EPN, the ACH network from The Clearing House, increased 7.9% in 2023, outpacing the broader ACH market and continuing steady yearly growth."

Tags: The Clearing House (TCH)

Companies

Mastercard and The Clearing House Extend Partnership on Real-Time Payments

The Clearing House

"Mastercard and The Clearing House (TCH) have announced an extended multi-year partnership, bringing the companies together to collaborate on innovative capabilities for consumers, businesses and governments to evolve and embrace the digital economy through real-time payments (RTP) adoption on the RTP® network."

Tags: Mastercard The Clearing House (TCH)

Companies

BPI and TCH Call for Stronger Consumer Financial Data Rules for Aggregators and Big Tech

The Clearinghouse

"The Clearing House Association and Bank Policy Institute (BPI) and submitted recommendations to the Consumer Financial Protection Bureau (CFPB) in response to a proposed rule establishing how banks, data aggregators and other third parties can safely share consumer financial data."

Tags: Bank Policy Institute The Clearing House (TCH)

Companies

Why Some US Bank Deposits are Held Up Days After 'Processing Error' Delayed 850,000 Payments

Yahoo Finance

"Hundreds of thousands of payments never landed in US bank accounts last week because of a “processing error.” ...The Clearing House, which processes a large portion of the bank-to-bank electronic transfers that happen in the US each day, said Tuesday in a statement that some payments were delayed last Thursday because instructions were sent to financial institutions “with the account number and names of customers masked.”

Tags: The Clearing House (TCH)

Companies

AFP Survey Reveals Over 75% of Businesses Will Utilize Real-Time Payments in Next 5 Years

PR Newswire

"The 2023 AFP® Real-time Payments Survey, conducted by the Association for Financial Professionals® (AFP) and sponsored by The Clearing House, found that corporates plan to drastically increase their use of real-time payments in the next five years to benefit from lower transaction costs, improved transparency into the payment process, increased efficiency, and better cash flow."

Tags: Association for Financial Professionals The Clearing House (TCH)

Companies

Cross River and Paymints.io Further Expand Optionality for Real Estate Transactions with Real-Time Payments Through The Clearing House’s RTP® Network

Businesswire

"Cross River Bank, and paymints.io, a cloud-based financial operating system for digital payments that allows title insurance companies and real estate brokerages to send and receive digital payments in and out of escrow accounts, announced the expansion of their partnership to bring real-time payments to paymints.io customers over The Clearing House’s RTP® network."

Tags: Cross River Bank The Clearing House (TCH)

Companies

Sibos TV: Harmonising Payment Messaging for ISO 20022 [Video]

YouTube

"Message standardisation across multiple jurisdictions in accordance with the ISO 20022 is a global, multi-year effort requiring substantial industry collaboration.  With the migration of the Clearing House Interbank Payments System (CHIPS) slated for April 2024, Richard Dzina, Senior Vice President of Product Development at The Clearing House joins Sibos TV to talk about implementation efforts and the benefits of the work ahead."

Tags: The Clearing House (TCH)

Companies

RTP® Network Surpasses 1-Million Payments on a Single Day

The Clearing House

"The RTP® network, the instant payments system operated by The Clearing House that is available to all insured depository financial institutions in the United States, surpassed the one million daily payment milestone on September 1 as more financial institutions and their customers realize the benefits of real-time payments, including immediate funds availability, confirmation of payment receipt, and payer control of when a payment is sent."

Tags: The Clearing House (TCH)

Companies

RTP® Network Expands Request for Payment (RfP) Availability

The Clearing House

Using the Request for Payment (RfP) capability on the RTP^® network, the instant payments system operated by The Clearing House, broker dealers, billers and suppliers can now request a payment from their customers through secure bank channels, and receive an instant payment in response from both consumers and businesses.

Tags: The Clearing House (TCH)

Companies

RTP® Network Surpasses Half a Billion Instant Payments

PR Newswire

"The Clearing House's RTP® network, which has been providing instant payments to millions of consumers and businesses for more than five years, surpassed the 500 million payment milestone on Saturday, July 22."

Tags: The Clearing House (TCH)

Companies

Conduent Introduces First-of-Their-Kind Digital Payment Solutions for Tolling and Other Transportation Uses

EIN News

"Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated (Nasdaq: CNDT), today announced new digital payment solutions, using real-time payments over the RTP® network, for the transportation sector. The solutions will make billing and paying tolls faster, easier and more secure for transportation agencies and toll road users. The new digital solutions, the first-of-their-kind in the transportation industry, could later expand payment options for bus and rail transit operators, parking authorities and other public sector uses, such as traffic fines."

Tags: Conduent The Clearing House (TCH)

Companies

Real-Time Payments (RTP®) on Plaid Transfer

Linkedin

"With Instant Payouts on the Transfer Platform from Plaid, customers can move money in real time, authorize account holders securely, and analyze risk--all within a single API. Instant Payouts initiates payments over the RTP® network, which is connected to 65% of accounts, and it intelligently and automatically routes payments over ACH for customers not on RTP."

Tags: The Clearing House (TCH)

Companies

NorthOne Partners with The Bancorp Bank; Introduces Real-Time Payments

IBS Intelligence

"NorthOne recently announced that they are breaking new ground in the FinTech space by joining The Clearing House’s Real-Time Payments network in partnership with The Bancorp Bank, N.A. With The Clearing House’s innovative Real-Time Payment network, NorthOne will help businesses receive payments instantly 24 hours a day, 365 days a year, and serves as a platform for innovation, allowing NorthOne to deliver new products and services to customers...With 61% of small businesses struggling due to poor cash flow management, the launch of real-time payments will directly remove a major barrier to success for the businesses NorthOne serves by making it faster for them to get paid."

Tags: The Clearing House (TCH)

Companies

Real-Time Payments In U.S. Marks Fifth Year — FedNow Coming In July

“To mark the fifth anniversary of real-time payments in the U.S. The Clearing House (TCH) and Jack Henry launched a flurry of statistics which cast a bit of an obscuring haze over the topic.   TCH says its RTP network reaches 62% of all demand deposit accounts in the U.S. and 85% of insured depository institutions have technical access to the network through more than 20 technology solutions providers, including Jack Henry & Associates, FIS, Fiserv, COCC, Finastra and Shazam. The Clearing House is eager to show that it provides services for small banks and credit unions and isn’t just a network for the major banks.”

Tags: Federal Reserve FIS Fiserv Jack Henry & Associates The Clearing House (TCH)

Companies

TCH Comments on Treasury Department’s Notice and Request for Comment on Digital Assets and Digital-Asset-Related Illicit Finance and National Security Risks

The Clearing House

The Clearing House Association (TCH) submitted comments in response to the Treasury Department’s notice and request for comment on “Ensuring Responsible Development of Digital Assets” and digital-asset-related illicit finance and national security risks. In its letter, TCH addressed digital-asset-related illicit finance and national security risks, ways to mitigate these risks, the Treasury Department’s “Action Plan to Address Illicit Financing Risks of Digital Assets” (Action Plan), and ways in which to support anti-money-laundering/countering-the-financing-of-terrorism (AML/CFT) controls in the design of a potential U.S. CBDC. With regard to privately-issued digital assets and private token-based cryptocurrency, TCH opined that a comprehensive federal prudential framework applying standards to digital assets service providers that are equivalent to those that apply to depository financial institutions when engaged in functionally similar activities is essential. TCH also commented that banks, which are subject to comprehensive regulatory and supervisory frameworks, should be no less able to engage in digital-asset-related activities than nonbanks.

Tags: The Clearing House (TCH)

Companies

TCH White Paper Outlines Legal Authority for Insured Depository Institutions to Issue and Provide Stablecoin-Related Activities, Including Digitized Deposits

The Clearinghouse

“The Clearing House has released a research paper that analyzes the legal authority and policy considerations for banks’ engagement in stablecoin-related activities.The TCH paper provides information about the legal authority of insured depository institutions to issue stablecoins and engage in stablecoin-related activities, and notes that: The OCC’s 2020 and 2021 letters concluding that national banks have the clear legal authority to issue and exchange stablecoins are soundly based on language in the National Bank Act, and consistent with numerous legal decisions and regulatory determinations regarding a bank’s authority to issue payments and deposit instruments. National banks have always been permitted to develop innovative deposit and payment mechanisms, as receiving deposits and acting as financial intermediaries are core functions of banks. Notwithstanding that the OCC’s “transparency doctrine” focuses on the authority of a national bank to offer a product or service, rather than how the service is delivered, and stablecoin issuance by banks and stablecoin-related activities constitute a new means of accepting, holding and transferring deposits, there has been no public statement of approval granting a federally-insured bank the ability to issue a customer-facing stablecoin.”

Tags: The Clearing House (TCH)

Companies Glenbrook

The Real-Time Payments Trends TCH’s Product and Strategy Head is Watching

Insider Intelligence

“Faster and real-time payments are having a moment. Faster payments adoption among organizations grew 10% year over year (YoY) in 2021, per data from the US Faster Payments Council and Glenbrook Partners. And that’s accelerated this year as payment systems like The Clearing House’s Real-Time Payment (RTP) network innovate and the Federal Reserve’s FedNow launch nears. Companies like FIS have also rolled out solutions that let businesses and consumers transfer money quickly and seamlessly. Real-time payment innovations will help set a new standard for the US transaction system and speed up the transition away from cash. Below are highlights from Insider Intelligence’s conversation with James Colassano, senior vice president of product development and strategy at The Clearing House (TCH).”

Tags: Glenbrook Partners The Clearing House (TCH) U.S. Payments Forum

Companies

The Clearing House Joins the Open Invention Network

GlobeNewswire News Room

“Open Invention Network (OIN), the organization formed to safeguard open source software (OSS) and now the largest patent non-aggression community in history, announced today that The Clearing House (TCH) has joined as a community member. As the nation’s most experienced payments company, operating U.S.-based payments networks that clear and settle more than $2 trillion each day through wire, ACH, check image and real-time payments, TCH is reinforcing its commitment to OSS as an enabler of advanced financial services payment platforms.”

Tags: The Clearing House (TCH)

Companies Domains

Immediate Cross-Border Payments (IXB) Pilot Set to Revolutionize International Payments

The Clearing House

“EBA CLEARING, The Clearing House (TCH) and SWIFT announced today that the delivery of the Immediate Cross-Border Payments (IXB) pilot service is on track and is set to revolutionize cross-border payments. The IXB pilot service will leverage the existing real-time payment systems RTP® in the United States, run by TCH, and RT1 in Europe, run by EBA CLEARING. IXB will begin processing the first live transactions in the euro and U.S. dollar currency corridor in the coming months. Developed with the support of 25 financial institutions from both sides of the Atlantic, the IXB pilot has been progressing during the past six months, resulting in the timely delivery of the IXB solution processing the technical messaging between the pilot institutions engaged in the testing and the respective payment systems. End-to-end testing between RTP, the IXB app and RT1 is ongoing with user integration and testing following shortly thereafter.”

Tags: EBA Clearing Swift The Clearing House (TCH)

Companies Domains

Routable Launches Real-Time Payments (RTP®) to Enable Instant Payouts at Scale

prnewswire

“Routable, a modern and intuitive business payments platform, with a focus on mass payouts, today announced the launch of Real-Time Payments (RTP®), which allows businesses to securely pay vendors and contractors within seconds. Routable built RTP® leveraging its extensive experience in mass payouts, so it can accommodate businesses as they scale from 250 payouts per month to over 100,000.  This is a significant competitive advantage for companies looking to strengthen relationships with key third parties and improve operational efficiency at scale.”

Tags: The Clearing House (TCH)