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Screenshot of a breaking news alert e-mail from Q2 2017
Financial services technology provider FIS (NYSE:FIS) and The Clearing House Payments Company L.L.C. (TCH) have joined their forces to develop the United States’ first-of-its-kind, real-time payments system, available to all financial institutions nationwide.
The companies are getting ready to launch a pilot with early-adopter financial institutions, initially focusing on the bill payment use case, using FIS technology and operating via the TCH real-time payments platform. The pilot is set to go live in the first quarter of 2017. TCH, which owns and operates the system, has partnered with FIS that will use the system to develop innovative new services and eventually connect its financial institution clients.
Anthony Jabbour, chief operating officer, Banking & Payments, FIS, says,
“This is a critical initiative, designed to transform the payments landscape in the U.S. The Clearing House asked FIS to lead this pilot program and we’re honored to play such a pivotal role. Our position further highlights FIS’ leadership and capabilities in advancing a modern payments system.”
Russ Waterhouse, executive vice president, Product Development and Strategy at The Clearing House, says,
“FIS is a proven leader with extensive experience in developing and delivering innovative new payments services to its customers, so we are excited they have partnered with us to launch this pilot program. True, real-time payments that clear and settle within seconds are right around the corner. Not only is FIS helping us bring this system to market quickly, they are also going to play a key role in helping us achieve ubiquity in the U.S.”
FIS and TCH are two of 19 organizations selected to the Federal Reserve’s Faster Payments Task Force Steering Committee, which is gauging approaches for implementing real-time payments in the United States.
You can view the full announcement from FIS on the partnership by clicking here.