Payments News

TCH Looks to Connect Thousands of Banks for Real-Time Payments Within the Next Few Months

Oct 04, 2018

While the Federal Reserve Board mulls an entry into the business of real-time payments, a major competitor is already racking up impressive gains among U.S. financial institutions.

The Clearing House Payment Co. Ltd., the New York City-based company that, among other services, operates one of only two switches for the nationwide automated clearing house network, finished the third quarter with 36 institutions linked to its Real Time Payment (RTP) network, which went live a year ago. That number will grow fast, exceeding 1,000 next quarter and 3,000 by the end of June. A year from now, it is projected on current trends to grow to 5,065, according to Tim Mills, vice president of business development and product management.

Read the full article.