The Clearing House is working to deliver real-time payments system for the US and FIS will help offer RTP services to more than 3,000 financial institutions. TCH submitted the proposal jointly with FIS after partnering with them in October 2015. In April 2016, FIS has announced that the two companies are preparing to launch a real-time payments pilot for financial institutions, initially focusing on the bill payment use case using FIS technology and operating via the TCH RTP platform. Already under development, the pilot will go live in Q1 2017 and bring payments that clear and settle in real-time to the pilot financial institutions.
In addition to FIS, TCH has also partnered with Jack Henry and Associates and D+H. Collectively, these three partnerships will enable TCH`s RTP system to reach more than 10,000 US financial institutions.
The Faster Payments Task Force is charged with identifying and assessing approaches for implementing payments capabilities in the US. TCH has designed the system to meet or exceed the 36 Effectiveness Criteria established by the Task Force.
TCH`s Real-Time Payments system will clear and settle in real-time and will support services and payments transactions. TCH will own and operate the system. The RTP system will not be constrained by the limits of legacy payment networks; rather, its design and capabilities are driven towards changing technology and customer needs.
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