#SIBOS insights: Real Time Payments (RTP) by The Clearing House - BNY Mellon on board

The Clearing House (TCH) is owned by 24 US banks that in turn represent 60% of banking. They have 3 products (ACH-Automated Clearing House, a wire system called CHIPS, and an Image Exchange system that has been heavily used for checks). Now they are ready to launch a 4th innovative product RTP – Real Time Payments.
This is a system built and adapted by Vocalink. The Clearing house plans to launch in Q2 2017. Through collaborations with companies like Fiserv and the likes, they hope to access the 10,000 banks and credit unions in the US.

BNY Mellon is the first embrace the initiative. BNY Mellon takes care of $30trillion of assets.
They think of themselves as a digital company with a balance sheet.
Doug Shulman, Global Head of Client Delivery at BNY Mellon, was part of the panel of “Future of Money” this afternoon. This is a theme that SIBOS launched in 2011 in Toronto and today (6th year) it was for the first time on the main stage. Doug gave a few examples of how they are implementing other “micro-releases” of innovation. On example was the reconciliation work they provide to their pension fund clients who may invest in 200 different asset managers. This daily function has been transformed from one in which files were exchanged to one that is done via an API.