The Clearing House (TCH) has entered into a letter of intent with VocaLink, the UK-based international payment systems provider, to help build and deliver core elements of TCH’s new real-time payment system for the US.
“Building a real-time payment system is centered around meeting customer needs,” said
Jim Aramanda, CEO of The Clearing House. “I am confident that working together with VocaLink we can build the most innovative and widely used real-time payment system in the world.”
“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 USA,” comments David Yates, CEO of VocaLink. “As the digital payments landscape continues to evolve, creating global market and business opportunities, it is vital that the USA, which is the largest developed economy in the world remains at the forefront of payments innovation.”
In designing the capabilities of the system, TCH made consumer protections a priority and intends for the new system to be compliant with the Consumer Financial Protection Bureau’s (CFPB) “Consumer Protection Principles” for faster payment systems.
“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 relieve funds, and individuals to pay contractors – all within an instant.”
VocaLink designed, built and manages the real-time technology behind the UK Faster Payments Service on behalf of the Faster Payments Scheme. Since the service was launched in 2008, over 4 billion payments have been securely processed and the real-time infrastructure has provided a platform for further innovation, driving the development and proliferation of a wider range of services, including mobile payments.
The Clearing House is the only private-sector ACH Operator in the country, processing approximately 50% of all commercial ACH volume in the US. Its customers include credit unions, commercial banks, savings banks and savings and loans.