VocaLink, the UK-based international payment systems provider, has signed a letter of intent with The Clearing House (TCH), the oldest banking association and payments company in the United States, to help build and deliver core elements of TCH’s new real-time payment system for the United States.
TCH had announced in October 2014 that it was planning to launch a multi-year effort in building a new real-time processing platform. The plan is part of a wider movement to overhaul the US’s antiquated payments infrastructure, which has been left in the dust as other countries have altered their payments infrastructures to suit the desire of digital consumers.
The contract is a huge one for VocaLink, which designed, built and manages the real-time technology behind the UK Faster Payments Service on behalf of the Faster Payments Scheme. Since the service was launched in 2008, over four billion payments have been securely processed.
Jim Aramanda, CEO of TCH, said: "Building a real-time payment system is centred around meeting customers’ needs. I am confident that working together with VocaLink, we can build the most innovative and widely used real-time payment system in the world."
David Yates, CEO of VocaLink, added: "We are delighted to be working collaboration with The Clearing Hose to develop real-time payment solutions with innovative value added services for the USA. As the digital payments landscape continues to evolve, creating global market and business opportunities, it is vital that the USA, which is the largest developed economy in the world, remains at the forefront of payments innovation."