22 September 2017
visit www.avoka.com

The Clearing House to use IBM Power backbone for real-time payments

21 September 2016  |  5534 views  |  0 Server farm

The Clearing House is to use an IBM Power8-based system infrastructure running Linux and AIX operating systems as the hosting platform for its forthcoming move to real-time payments.

Due to roll out in 2017, The Clearing House's real-time payments system (RTP) is designed to enable consumers and businesses across the US to send and receive payments instantaneously.

The IBM hardware will form the backbone for the VocaLink application which will handle millions of bank payments settled daily, in real-time, across the US.

The ubiquitous system is expected to help reduce and eliminate payment delays and give receivers of financial payments immediate access to funds and support complex business payment services including electronic invoicing, rich remittance data and confirmation of delivery.

“The real-time payments solution we’re building marks an important milestone for the US banking industry, a revolution in the payments market that brings a new level of service to businesses and consumers,” says Tom Statnick, chief information officer, The Clearing House. “To support our real-time initiative, it was crucial we had the right technology infrastructure in place.”

The implementation forms a new departure for VocaLink, which previously ran its Faster Payments service on x86-powered servers, a business which IBM exited two years ago. IBM's new Power servers target a similar market but are packed with new features intended to provide scale for distributed computing and cloud integration.

VocaLink says that in testing, the Power8-based infrastructure supported a sustained 2500 transactions per second - a record result for its real-time banking application.

George Evers, director of immediate payment solutions, VocaLink, says: “Our collaboration with IBM, and expansion of our solution onto the Power platform, will transform the amount and speed of data and result in the delivery of a payments solution currently unimagined in the US.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

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

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

18 April 2016  |  5148 views  |  0 comments | 11 tweets | 12 linkedin
VocaLink lands real-time payments deal with The Clearing House; Early Warning buys clearXchange

VocaLink lands real-time payments deal with The Clearing House; Early Warning buys clearXchange

26 October 2015  |  8768 views  |  0 comments | 10 tweets | 18 linkedin
The Clearing House wakes up to real-time payments

The Clearing House wakes up to real-time payments

23 October 2014  |  10536 views  |  3 comments | 17 tweets | 19 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.abe-eba.euvisit www.sibos.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12747 views comments | 26 tweets | 42 linkedin
Dutch bank sentences teenage DDoS culprit to community serviceDutch bank sentences teenage DDoS culprit...
9577 views comments | 6 tweets | 3 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8278 views comments | 18 tweets | 27 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
8071 views comments | 13 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
7675 views comments | 16 tweets | 1 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job