article thumbnail

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. New Trends Emerging. Achieving ubiquity across the 12,000 or so FIs in the U.S.

article thumbnail

The Ubiquitously Digitizing Retail Environment

PYMNTS

70% : Estimated share of the banking market that will have RTP access by the end of its first year. Data: $719M : Mercari’s annual sales in 2019. 104M: Number of Americans who have become digital shifters as a result of the pandemic. 100M : Size of TikTok’s American user base.

article thumbnail

Third Parties Help Central Banks Ride RTP Rails

PYMNTS

Faster Payments Council (FPC), which will work toward a ubiquitous and secure faster payments system, offering 24/7 availability. Meanwhile, other players in the U.S. are working to promote faster payments. The Governance Framework Formation Team (GFFT) recently announced it had formed the U.S.

article thumbnail

Real-Time Payments Successfully Gets Through Its First Test Drive

PYMNTS

was moved between accounts at two different banks (there was only one customer with two bank accounts) via RTP, the name for a new “Real-Time Payments” system set up by The Clearing House. The Clearing House began work on RTP shortly after. s first new payment and clearing system in more than 40 years is up and running.

article thumbnail

How Visa, FIS, TCH, SWIFT, Nacha and Circle See The Future of Faster, Real Time Payments Rails

PYMNTS

Against that backdrop of moving away from paper payments, and toward ubiquitous real-time payments, TCH’s Waterhouse said there’s probably not a use case “that’s going to tip the scale here.” There’s room for RTP and ACH to co-exist, said Waterhouse, “for a very, very long time.”

article thumbnail

Faster Payments: Does The Fed Have A Hidden Agenda?

PYMNTS

This new feature, available to PayPal customers in good standing, leverages the company’s partnership with Chase, and Chase’s connection to The Clearing House’s RTP network, to move money instantly into the bank accounts of consumers and SMBs. On its website, TCH also says RTP is the system that “all federally insured U.S.

article thumbnail

Mastercard and The Clearing House extend partnership on real-time payments

Fintech Finance

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. demand deposit accounts.