TCH Says Its Real Time Payments Network Can Potentially Reach 70% of U.S. Accounts
The years-long effort to bring real-time payments to the United States picked up steam on Thursday with an announcement from The Clearing House Payments Co. LLC that 70% of U.S. deposit accounts can now access real-time capability via agreements between TCH and third-party processors.
“What we’re talking about here is there are already connections in place to reach 70%. It doesn’t require any new connectivity. The telecom lines are there. What has to be done is to join the network,” says Steve Ledford, senior vice president of product strategy and development at New York City-based TCH. Practically speaking, the financial institutions could be brought live on TCH’s Real Time Payments (RTP) network within little more than a day, he says, adding TCH has “benchmarked” the ability to add as many as 240 institutions per week. Currently, 56% of U.S. accounts are linked to RTP, according to TCH.