North American software provider DH Corporation (D+H) is partnering with The Clearing House (TCH) to provide real-time payments to US financial institutions.
D+H said that financial institutions will now be able to use payments, core and channel applications to access TCH’s ubiquitous real-time payment system in the US; making payments seamless, certain and frictionless.
“D+H’s payments technology already supports the processing of millions of faster payment transactions throughout Europe and Asia every day, and will now add capabilities in the US through TCH’s new US framework,” the group announced.
“Leveraging its deep, real-time payments processing experience from the UK, Sweden, and Singapore, D+H will now enable US financial institutions of any size – including the nearly 6,000 US financial institutions currently working with D+H – to connect with TCH for the origination, processing and settlement of real-time payments.
“TCH’s real-time payment system is a tremendous innovation, bringing to the US a scheme that enables participants to process payments end-to-end, in real-time,” said Chris Zingo, global head of sales, D+H.
“D+H is already a part of the real-time payments transformation in other parts of the world and recognises real-time payments as an enabler of new modes of commerce with great benefits to the banking industry and society at large. We are excited and committed to bring real-time payments acceptance and accessibility to the United States, as well.”
North American banks here are gearing up for the introduction of the real-time payments system for the US market, in an initiative led by TCH, FIS and VocaLink. The new system will conform to Swift’s ISO 20022 standards for real-time payments and will be largely based on the Faster Payments solution built by VocaLink for the launch of Faster Payments in the UK in 2008.
D+H also has experience of dealing with real-time payments. The group’s payments division, Global Transaction Banking Solution (GBTS, formerly Fundtech) – has worked in the UK and other countries where real-time payments have been introduced, such as Singapore and Sweden.
A recent Gallup poll found that respondents identified the 'economy in general' as their biggest concern.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.