The Clearing House (TCH) launched its real-time payment system (RTP) on the 14th of November 2017. It is the first new core payment system to be developed in the US in more than 40 years.
BNY Mellon, U.S. Bank, Citi, J.P. Morgan, PNC and SunTrust are the first banks to adopt RTP. The platform was built using technology from Mastercard-owned Vocalink, and has supported the TCH’s system in providing seamless and efficient fund transfers.
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The RTP platform will support e-voicing, bill pay, insurance claim payments and cash on delivery payments.
RTP also provides immediate confirmation alerts that payments have been sent and received. The platform enables banks and credit unions to design and develop products that meet the needs of the customer.
William S. Demchak, PNC’s chairman, president and chief executive officer and chairman of The Clearing House‘s Supervisory Board said: “As an industry, RTP positions us like never before to meet the evolving needs of our customers and commercial clients.
“At a time when our clients are asking for the ability to conduct their business with greater speed, efficiency and security, RTP will make everyday financial tasks, such as paying bills, issuing invoices, making payroll or settling insurance claims faster, safer and more satisfying for businesses and consumers across the country.”
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