IBM says The Clearing House, a national payments system operator for the US banking industry, has selected it to help deliver a new real-time payments system due to roll out in 2017.
Set to transform domestic digital transactions, the real-time payments system (RTP) is designed to enable
Real time retail payments system market landscape (Source SWIFT)
consumers and businesses across the US to send and receive payments instantaneously.
IBM joins VocaLink, previously selected by The Clearing House, to build the first-of-its-kind payments system in the US. After evaluating various hardware technology infrastructures on which to run the VocaLink solution, The Clearing House selected an IBM POWER8-based system infrastructure running Linux and AIX operating systems as the hosting platform.
Responsible for clearing nearly $2 trillion in payments per day, The Clearing House will utilize the unique capabilities of the POWER8 architecture to efficiently process millions of bank payments settled daily, in real-time, in a security-rich environment.
The ubiquitous system is expected to help reduce and eliminate payment delays and give receivers of financial payments immediate access to funds and support complex business payment services including electronic invoicing, rich remittance data and confirmation of delivery.
The Clearing House plans to launch the new system with major US banks in 2017. RTP is designed to support thousands of simultaneous transactions per second, processing payments 24 hours a day, 7 days a week. Once implemented, RTP will provide a hub that is accessible to all financial institutions and allow customers to use their existing accounts at financial institutions to send and receive payments.
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