SWIFT to provide gateway for US real-time payments
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SWIFT to provide gateway for US real-time payments 15 August 2017New York Reporter: Jenna Lomax
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SWIFT is providing US institutions with a gateway to The Clearing House’s (TCH) real-time payments (RTP) system.
US banks will have the opportunity to use a single platform, Alliance Messaging Hub (AMH), for making real-time payments through TCH.
AMH is a platform that can be facilitated for both SWIFT high-value payments and low-value TCH real-time payments.
According to SWIFT, it will be commercially available from 2018.
Ignacio Blanco, director of strategic relationships at SWIFT, said: “The Clearing House is making great strides in accelerating the speed of transactions, and we are committed to playing our part in helping the financial community to operate as efficiently as possible.”
Steve Ledford, senior vice president of product and strategy at TCH, added: “Given its reach and expertise in payments, SWIFT is a great collaborator as we bring a wide-scale real-time payments system to the US market. Achieving our vision of broad adoption of real-time payments will only be possible when the majority of US institutions are able to participate, and SWIFT will be instrumental in helping us meet this goal.”
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