© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - The Clearing House Drives Closer to Standing-Up New Innovative National Real-Time Payment System
Posted 26th October 2015

The Clearing House Drives Closer to Standing-Up New Innovative National Real-Time Payment System

The Clearing House (TCH)has announced it has entered into a letter of intent with VocaLink, the UK-based international payment systems provider.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

The Clearing House Drives Closer to Standing-Up New Innovative National Real-Time Payment System
Image

The Clearing House Drives Closer to Standing-Up New Innovative National Real-Time Payment System

The Clearing House (TCH) has announced it 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 United States.

“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,” said 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. Some of the core customer benefits include:

  • Ubiquity – the system will be accessible by all financial institutions in the U.S., regardless of size or charter type;
    Seamless Integration – the system will enable customers to use their current accounts to make and receive payments using their financial institutions’ existing online or mobile banking platforms;
  • Commercial Payments – supports complex business payment services including electronic invoicing, rich remittance data and confirmation of delivery;
  • Customer Control – every payment is initiated directly by the sender, providing complete control and transparency to customers;
    Certainty – senders and receivers will receive immediate notification of payment, and risk of returned payments will be eliminated, because sending financial institutions immediately verify good funds;
  • Built to Last – extensibility in the system’s architecture will allow it to be flexible so it can adapt to changing market needs in the future; and
  • Conforms to International Standard – meets ISO 20022 standards for real-time payments. Immediately allows FIs and customers to use the same formats, technology and processes across borders; which will eventually support international payments through interoperable domestic 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. VocaLink has also exported its real-time capabilities to other markets and its Immediate Payments Solution powers the FAST payments service in Singapore, which has enabled it to become one of the world’s most advanced and dynamic payments markets.

The Clearing House is the only private-sector ACH Operator in the country, processing approximately 50% of all commercial ACH volume in the U.S. Its customers include credit unions, commercial banks, savings banks and savings and loans. It also owns and operates the CHIPS system, the largest private-sector U.S.-dollar funds-transfer system in the world, and an Image Payments Network, an industry utility that connects financial institutions of all sizes to get check images anywhere they need to go.

Categories: M&A


You Might Also Like
Read Full PostRead - Eye Icon
Business Beyond the Bottom Line: A New Era of Enterprise
News
12/08/2024Business Beyond the Bottom Line: A New Era of Enterprise

Business Beyond the Bottom Line: A New Era of Enterprise Picture credit A paradigm shift is underway in the rapidly evolving landscape of modern business. Companies are increasingly recognizing that success is not solely defined by financial metrics but by a b

Read Full PostRead - Eye Icon
Things to Consider While Choosing a Business Broker
News
15/03/2022Things to Consider While Choosing a Business Broker

Selling your business is a once in a blue moon opportunity you cannot miss, and finding the appropriate business broker is critical to a smooth transaction. In most cases, a high-priced sale of one’s small business is a long-time goal for many business owner

Read Full PostRead - Eye Icon
The Global Tax [r]Evolution
Finance
14/10/2015The Global Tax [r]Evolution

One of the consequences of operating in an increasingly globalised and digitalised world, is that borders blur and taxing rights between countries become a hotly contested topic.

Read Full PostRead - Eye Icon
Top Lithium-Producing Countries: A Market Overview
News
30/09/2024Top Lithium-Producing Countries: A Market Overview

Lithium, often referred to as “white gold,” is a critical component in the manufacturing of batteries, particularly lithium-ion batteries, which power everything from smartphones to electric vehicles (EVs) and renewable energy storage systems. As

Read Full PostRead - Eye Icon
Navigating the Path to Criminal Rehabilitation: A Comprehensive Guide for Entry to Canada
News
27/11/2023Navigating the Path to Criminal Rehabilitation: A Comprehensive Guide for Entry to Canada

Navigating the Path to Criminal Rehabilitation: A Comprehensive Guide for Entry to Canada Embarking on the journey to enter Canada after a criminal conviction can be a challenging process. However, with the right approach and understanding of the steps involve

Read Full PostRead - Eye Icon
GLOBALFOUNDRIES Acquires IBM’s Microelectronics
M&A
15/12/2014GLOBALFOUNDRIES Acquires IBM’s Microelectronics

We spoke to Marco Chisari, Head of Corporate Development and M&A at GLOBALFOUNDRIES, to find out more about the deal

Read Full PostRead - Eye Icon
5 Creative Social Media Strategies for Alcohol Brands to Try in 2022
News
10/08/20225 Creative Social Media Strategies for Alcohol Brands to Try in 2022

People consumed alcohol at all times, and today the average check size has alcohol drinks. Alcohol brands compete for consumers’ attention and use social media promotion. Find creative ideas to manifest your product online.

Read Full PostRead - Eye Icon
The Numbers Game: How Accounting Has Changed in an Uncertain World
Finance
19/10/2022The Numbers Game: How Accounting Has Changed in an Uncertain World

Most of us take it for granted these days, but the rate of technological change in the past decade or more is astonishing. Super-fast internet, cloud storage, video streaming; just imagine what things will be like a decade from now.

Read Full PostRead - Eye Icon
5 Questions To Ask Before Putting AI Into Practice And A Checklist For Success
Innovation
03/01/20205 Questions To Ask Before Putting AI Into Practice And A Checklist For Success

Despite the power of Artificial Intelligence to transform the customer experience, many AI projects fail at the first hurdle. Henry Jinman at EBI.AI outlines the 5 most common mistakes and how to avoid them using a tried and tested checklist.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow