Vocalink Powers Real-Time Payments Service in the U.S.
November 14 2017 - 8:00AM
Business Wire
- Vocalink, a Mastercard company,
supports The Clearing House today in launching a ground-breaking
real-time payment system in the U.S.
- RTP is one of the most comprehensive
real-time payment systems globally, and is set to transform the
U.S. payments landscape
- The launch follows Vocalink’s
successful real-time system implementation in the U.K., Singapore
and Thailand
Vocalink, a Mastercard company, supports The Clearing House
(TCH) today in the launch of RTP®, its transformative real-time
payment system in the U.S., which empowers consumers and businesses
to send and receive immediate payments domestically. Financial
processes that used to take days can now be concluded in seconds.
Two banks – U.S. Bank and BNY Mellon – have completed the first
live transactions.
At its core, the technology behind The Clearing House’s RTP
system is an evolution of Vocalink’s highly successful and reliable
systems developed for the U.K., Singapore and Thailand. These
real-time solutions sit at the centre of the global payments
infrastructure and have been designed to ‘run on their own rails’,
working alongside and between conventional settlement systems.
The TCH system operates 24/7 to process credit transfers,
requests for payment, requests for information, confirmation
messages, returned and rejected payments and system and service
related messages. It also integrates support for multiple
transaction channels, including online and mobile.
“The U.S. can now claim a leading position in real-time payment
solutions. Working together with The Clearing House, we have
delivered a best-in-class, functionally rich system capable of
meeting the demands of today’s U.S. economy while building a system
robust enough and flexible enough for further innovation,” said
Paul Stoddart, CEO, Vocalink, a Mastercard company. “Now the U.S.
is not only aligned with other markets, but is a trailblazer in the
payments sector, providing consumers, businesses, banks and
governments with the choice they demand.”
The revolutionary payment system supports interoperability
across the global payments landscape. It will reach the largest
number of financial institutions and accounts and allows for ease
of integration with TCH’s third-party services, supporting
anti-fraud, and compliance processes.
“The launch of our RTP system, which was developed using
Vocalink’s technology, is a significant development for America’s
banks, consumers and businesses. Not only will people be able to
process payments in seconds, but the system offers a suite of
payment-related communications,” said Jim Aramanda, CEO, The
Clearing House. “We will provide increased efficiency and solve
problems for businesses large and small as they track and reconcile
payments. This new capability provides an opportunity for banks and
others to add value for their customers.”
About Vocalink
A Mastercard company, Vocalink designs, builds and operates
industry-leading bank account-based payment systems. Our
technologies power the UK’s real-time payments, settlements and
direct debit systems, as well as the UK’s network of over 70,000
ATMs. In 2016, we processed over 90 percent of salaries, more than
70 percent of household bills and almost all state benefits in the
UK. In addition, our proven real-time bank account-based payment
solutions provide more payment choice to customers in Singapore,
Thailand and, soon, the United States. For payment news and insight
from Vocalink visit CONNECT - http://connect.Vocalink.com/
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171114005924/en/
Media EnquiriesVocalinkDavid DanielHead of Brand
and Communications at Vocalinkdavid.daniel@vocalink.comorEllie
FixterSenior Content and PR Manager at
Vocalinkellie.fixter@vocalink.comorEmma Harvey at Seven
Consultancyemma@seven-consultancy.comorMastercardBeth
Kitchener,Director, Communications,
Mastercardbeth.kitchener@mastercard.com
MasterCard (NYSE:MA)
Historical Stock Chart
From Aug 2024 to Sep 2024
MasterCard (NYSE:MA)
Historical Stock Chart
From Sep 2023 to Sep 2024