PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Real-Time Payments Are Coming To The US With TCH

Sarah Grotta by Sarah Grotta
February 11, 2016
in Analysts Coverage
0

Midsection of salesman accepting payment through NFC technology from customer in hardware store

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

There are several entities working on the very broad category called faster payments; Early Warning and Clearxchange, NACHA’s same day ACH, Fiserv’s partnership with Early Warning on bill pay and deposits, the global card networks and several others. The one highlighted here in Forbes, provides an update on The Clearinghouse and VocaLink partnership:

Once complete, the system will be the most comprehensive real-time payment system ever developed. Not only will it empower U.S. consumers and businesses to send and receive real-time payments from their existing accounts at financial institutions, but it will also provide a platform to launch innovative new services that will power a new economy built around real-time payments.

“We will have the core technology pretty much built and in place by the end of this year,” said Steve Ledford, senior vice president at TCH. “Then the issue is when will financial institutions be ready to send and receive. This requires significant investment and we are actively working with banks and credit unions to support this integration.”

I appreciate the honesty of the comment that faster payments will require a significant investment. The Fed, in their FedPayments Improvement initiative has done some research that suggests faster payments might be nominally positive after the investments are made. So where’s the business case? One use case mentioned by TCH that could have some very positive benefits, financial and otherwise, is in medical payments, since this platform is designed to tie payments and data together:

We are taking the VocaLink platform and they are adding functionality for our market,” Ledford said. “In addition to basic payment message, it will have request for payment, certain payment confirmation messages and the ability to carry remittance information.”

The information that can travel with payments is an example of how the technology keeps improving he added. The message that travels with the payment can reference an unlimited amount of external data.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

Read the full story here

Tags: Real Time Payments
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix