In response to today's announcement by the Federal Reserve that it is proceeding with the development of its own real-time payments system, The Clearing House (TCH), which launched the country's newest real-time payments network in late 2017, made the following statement:
Nearly two years ago TCH, the country's private sector payments operator, put into market real-time payments capabilities for the U.S. through the RTP® network. Today, the RTP network reaches over 51% of the demand deposit accounts in the country and is demonstrating steadily-growing transaction volume. The network was built for and is available to every U.S. depository institution, regardless of size, on equitable terms (no discounts for volume or minimum volume requirements). Providing the functionality to clear and settle payments immediately, along with robust messaging capabilities to support product innovation and faster, safer, and smarter digital commerce, the RTP network was built to serve all Americans by enabling every U.S. depository institution with these important capabilities. Importantly, innovations in real-time payments will benefit those who live paycheck to paycheck by reducing the need for loans or the fees from charges or overdrafts.