The Clearing House, a national payments system operator for the U.S. banking industry, has selected IBM to help deliver a new real-time payments system.
The real-time payments system (RTP) is designed to enable consumers and businesses across the U.S. to send and receive payments instantaneously.
IBM will help VocaLink, the international payments systems provider previously selected by The Clearing House, to build the first-of-its-kind payments system in the U.S.
The Clearing House selected an IBM POWER8-based system infrastructure running Linux and AIX operating systems as the hosting platform.
The Clearing House deals with nearly $2 trillion in payments per day. The ubiquitous system is expected to help reduce and eliminate payment delays and give receivers of financial payments immediate access to funds.
Further, it is expected to support complex business payment services including electronic invoicing, rich remittance data and confirmation of delivery.
The Clearing House plans to launch the new system with major U.S. banks in 2017. RTP is designed to support thousands of simultaneous transactions per second, processing payments 24/7.
Once implemented, RTP will provide a hub that is accessible to all financial institutions and allow customers to use their existing accounts at financial institutions to send and receive payments.
“The real-time payments solution we’re building marks an important milestone for the U.S. banking industry, a revolution in the payments market that brings a new level of service to businesses and consumers,” said Tom Statnick, Chief Information Officer, The Clearing House.