New York - SWIFT has announced that it will provide U.S. institutions with a gateway to The Clearing House's real-time payments (RTP) platform. As instant payments become more ubiquitous in the U.S., SWIFT will provide an interface to manage the requirements of sending and receiving domestic instant payment transactions on behalf of customers.
The Clearing House (TCH) is building a new clearing and settlement system to support domestic instant payments in the U.S., allowing consumers and businesses to send and receive payments in real-time and directly from their accounts at financial institutions. It will also include data and non-payment messages that financial institutions can use to build digital commerce solutions.
SWIFT's solution for the U.S. market will enable banks to leverage a single platform, Alliance Messaging Hub (AMH) for both SWIFT high-value payments and low-value TCH real-time payments. AMH is an orchestration layer that includes a gateway to the TCH RTP network, as well as other gateways and API's which allow financial institutions to connect to other non-SWIFT networks. Financial institutions can leverage AMH to support instant payments, simplifying adoption to our customers. The solution will be commercially available by early 2018.