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The Clearing House On The Race for Real-Time Payments In The US

PYMNTS

These efforts include TCH’s efforts to connect financial institutions’ (FIs’) core banking systems to the company’s Real-Time Payments (RTP) network, along with what card networks and FinTechs are doing to enable real-time push payments to receiver bank accounts. Real time is getting ever closer to prime time.

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New Year’s Resolution: The Clearing House Urges Banks To Become 24/7 Operations

PYMNTS

A lot of what the pandemic did was force our industry to truly be digital, to facilitate frictionless transactions,” TCH Senior Vice President Elena Whisler said in a recent conversation with PYMNTS. “A It also pushed our industry to think about ways to provide faster availability of funds to people and businesses in need.”.

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Why FedNow Will Slow Real-Time Payments

PYMNTS

Prepaid payroll cards were introduced decades ago as a paper check alternative for the unbanked and underbanked worker. Over the last several years, an army of innovators with billions in venture funding have built instant pay products on top of card network debit rails. if you can just hang in there until about 2024.

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Faster Payments: Does The Fed Have A Hidden Agenda?

PYMNTS

Connecting these two dots suggests a few important things that, for banks and card networks, might be the 2020 hindsight that could have come in handy had they stopped to look backwards a few years ago: That the Fed has much more than a passing interest in how faster payments are run in the U.S. A Couple of Important Dots.

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Real-Time Payments Steps Up To Fulfill Demand For Faster Funds

PYMNTS

The appetite for new payments approaches is only growing, with The Clearing House (TCH) reporting that 400 more FIs have already gained technical access to the RTP network.”. To paraphrase the movie “Top Gun” … “We feel the need … the need for speed.” Clearly, paper checks aren’t cutting it anymore. We’ve evolved.

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Cross River To Provide Clients With Real-Time Payment Ability

PYMNTS

Cross River, a company that provides banking services for technology companies, will join The Clearing House’s (TCH) RTP network, according to a release. By joining the network, Cross River will be able to give its clients the ability to send, settle and clear payments instantly, along with messaging capabilities, while ensuring compliance.

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Report: Paychex Gives Traditional Payroll Cycle A Real-Time Makeover

PYMNTS

It also noted that more than 150 financial institutions (FIs) in the United States are working to offer such solutions thanks to partnerships with TCH that enable them to use the latter’s RTP® Network. To that end, card network Visa is expanding the scale of its international money transfer service by partnering with a third-party FinTech.

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