The Clearing House partners FIS to test real-time payments platform

The Clearing House partners FIS to test real-time payments platform

US bank-backed ACH The Clearing House (TCH) is gearing up to test its real-time payments platform early next year, teaming up with FIS on a bill payment pilot with financial institutions.

The Clearing House first announced in October 2014 that it was preparing to undertake a multi-year effort to build a new ISO 20022 standard real-time processing platform, as the US finally begins to get to grips with its aging payment systems.

As the project inches along, TCH has brought in fintech giant FIS for a pilot involving early-adopter financial institutions that will get underway in the first quarter of 2017.

Initially focusing on bill payments, the trial will use FIS technology and operate via the TCH platform to bring real-time clearing and settlement. FIS says it will use the TCH system to develop innovative new services and eventually connect its financial institution clients.

Russ Waterhouse, EVP, product development and strategy, TCH, says: "True, real-time payments that clear and settle within seconds are right around the corner. Not only is FIS helping us bring this system to market quickly, they are also going to play a key role in helping us achieve ubiquity in the US"

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