DH Corporation (D+H), a Canada-based provider of technology solutions to financial institutions, today announced the availability of testing its real-time payments system which the company expects to eventually connect with other systems to link all US bank accounts through its Clearing House (TCH), which counts the country’s largest banks among its members.
Once complete, D+H’s global payments hub technology will empower US consumers and businesses to send and receive real-time payments from their existing accounts at financial institutions. Banks are now able to work with D+H to test their ability to connect to the network and bring new real-time payment services to the US market, once TCH’s real-time network launches later this year.
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In addition to basic payment messages, the system features requests for payment capabilities, certain payment confirmation messages and the ability to carry remittance information.
TCH has partnered with VocaLink, the UK-based international payment systems provider which developed the UK’s Faster Payments platform, which went live in 2008, and the more recent FAST network in Singapore.
Commenting on this, Steve Ledford, SVP of Product and Strategy at The Clearing House, said: “As The Clearing House works hard to make real-time payments a reality in the United States, we are pleased that D+H is providing financial institutions a solution to connect to our network. Ubiquity is a top priority for our RTP system and D+H’s real-time payment processing solution will help us achieve that goal by greatly expanding the reach of our RTP system in the U.S.”
Moti Porath, Head of Product Management and Global Payments Solutions at D+H, added: “D+H shares TCH’s commitment to the speed, availability, convenience, and information rich messaging that define real-time payments. We are excited by the opportunity to apply our vast experience with immediate payments schemes around the world to provide banks with access to real-time payments in the United States.”