Business Wire

VocaLink and The Clearing House sign a groundbreaking deal to deliver national real-time payment services in the U.S.

Del

VocaLink, the UK-based international payment systems provider, has signed a contract with The Clearing House (TCH) to develop a national real-time payment service in the U.S. In October, the two companies announced they had signed a letter of intent, and today’s contract signing finalizes the partnership and clears the way for work to build the system to begin immediately.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20151209006285/en/

Once complete, the system will be the most comprehensive real-time payment system ever developed. Not only will it empower U.S. consumers and businesses to send and receive real-time payments from their existing accounts at financial institutions, but it will also provide a platform to launch innovative new services that will power a new economy built around real-time payments. These services include new message capabilities for financial services that go well beyond basic payments.

With the contract now finalized, VocaLink has commenced work to ensure the system is built rapidly. In addition to the work TCH commissioned VocaLink to complete, individual financial institutions and their service providers have already commenced efforts to integrate and adopt the new real-time payment system.

The U.S. is the world’s largest payment market and this deal accelerates the move towards ubiquitous, real-time payments. To promote international interoperability and help ease cross-border commerce, the system will comply with global standards (ISO 20022) for real-time payments. Following the launch of this service, VocaLink technology will power major faster payments services in Europe, Asia and North America, including three of the four largest global financial centres1. Europe has also begun the journey towards a pan-European instant payments service and VocaLink is engaging with many of the key stakeholders to share its experience and discuss potential solutions.

An effective partnership

VocaLink was selected by The Clearing House for its proven technology that includes many of the attributes desired by U.S. customers, its ability to upgrade its existing platform to provide additional innovative solutions, and its demonstrated speed to market. VocaLink implemented the UK Faster Payments Scheme in three years, and Singapore’s FAST payment scheme more rapidly. VocaLink designed, built and manage 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 and the real-time infrastructure has provided a platform for further innovation, driving the development and proliferation of a wider range of services, including mobile payments. VocaLink’s experience in the design, development and delivery of real-time national payments infrastructure is second to none globally.

The Clearing House is the only private sector ACH and wire operator in the U.S., processing approximately 50% of all commercial ACH and wire volume in the U.S. Its customers include credit unions and commercial banks.

James Aramanda, President and Chief Executive Officer at The Clearing House said: “Finalizing this partnership with VocaLink represents a significant milestone in our effort to make ubiquitous real-time payments a reality in the U.S. Once completed, customers will pay or receive money in real-time from any financial institution, and with its innovative extensible design the system will be built to provide the basis for payment solutions currently unimagined.

“Most importantly, with VocaLink’s proven track record of rapid and effective development of real-time payments, The Clearing House and its owner banks will soon deliver access to the secure, real-time payments that customers in the U.S. desire.”

David Yates, Chief Executive Officer at VocaLink, commented: “This is an important deal for VocaLink and an important deal for the UK. The U.S. is the largest global payments market and to win this deal boosts the UK’s credentials as a global leader in payments technology.

“We look forward to working with such a respected and impressive partner as The Clearing House to deliver a service that will transform U.S. payments.

“We are committed to developing further partnerships around the world to build global, ubiquitous real-time payments.”

-Ends-

About VocaLink

VocaLink is a global payments partner relied on by financial institutions, corporates and governments to provide high availability and resilient payment solutions. We operate world-class payment clearing systems and ATM switching platforms which underpin the majority of UK electronic payments. Our proven capability of implementing real-time payment systems in the UK has led to the development of immediate payment solutions for other countries. Our platforms have made it easier to make payments confidently, securely and cost effectively. Last year we processed over 10 billion transactions with a value of £6 trillion.

We provide the platform for Bacs and the Current Account Switch Service; the real-time platform for the Faster Payments Service; and the LINK ATM Network, giving businesses and consumers simple, instant and reliable ways to access and move money. We are also at the forefront of mobile payments that will empower consumers to be able to make secure real-time consumer to merchant payments through existing mobile banking services. Singapore successfully launched FAST, a real-time payments system which utilises the VocaLink Immediate Payments Solution.

About The Clearing House

Established in 1853 by the nation’s leading banks, The Clearing House originally functioned as a quasi-central bank long before the Federal Reserve was formed, facilitating exchanges, setting monetary policy, issuing a form of currency and even storing vaults of gold to back settlements.

The Clearing House has stayed true to its core mission, today providing core payment systems that clear and settle nearly $2 trillion each day and applying expert advocacy and thought leadership resources to address issues of critical importance to the industry: safety, soundness, risk mitigation and other complex policy challenges.

1 London, New York, Singapore.

Contact information

VocaLink
Charlie Ansdell/Paula Nugent
+44 (0) 20 7382 4762
Redleaf vocalinkcomms@redleafpr.com
or
The Clearing House
Sean Oblack
+1 (202) 649 4629
Sean.Oblack@theclearinghouse.org

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Westinghouse Receives Regulatory Approval for Analysis Methodologies20.10.2017 12:15Pressemelding

Westinghouse Electric Company today announced that it has received approval from the U.S. Nuclear Regulatory Commission (NRC) for two new important analysis methodologies that will be used to upgrade Westinghouse- and Combustion Engineering-based nuclear steam supply system (NSSS) safety analyses. The approvals granted are for the new FULL SPECTRUMTM Loss of Coolant Accident (FSLOCATM) methodology and the Performance Analysis and Design Model software code update, PAD5. FSLOCA is capable of improved modeling of the transient response in a pressurized water reactor to the full spectrum of LOCA break sizes that could occur, and PAD5 is the next generation of the Westinghouse fuel rod design performance code. “These codes were developed to work in concert with each other to maximize analytical margin for nuclear utilities,” said Michele DeWitt, senior vice preside

Gilead Announces Multiple Scientific Presentations Demonstrating High Cure Rates in Difficult-to-Cure HCV Patients and Improved Long-Term Bone and Renal Safety of Vemlidy® in HBV Patients Switched from Viread®20.10.2017 12:03Pressemelding

Gilead Sciences, Inc. (NASDAQ: GILD) today announced results from Phase 2 and Phase 3 studies of its approved medicines for chronic hepatitis C virus (HCV) and hepatitis B virus (HBV) infection, adding to the body of evidence supporting Gilead’s viral hepatitis therapies in diverse patient populations. These and other data from more than 25 abstracts will be presented this week at The Liver Meeting® 2017, which begins today in Washington, D.C. Positive results from studies of Harvoni® (ledipasvir 90mg/sofosbuvir 400mg) in HCV-infected patients with severe renal impairment, Epclusa® (sofosbuvir 400mg/velpatasvir 100mg) in HCV-infected liver transplant recipients and Vosevi® (sofosbuvir 400mg/velpatasvir 100mg/voxilaprevir 100mg) in NS5A-inhibitor experienced HCV-infected patients will be presented during poster sessions on October 21 and October 22. In addition, updated results f

SP3H Announces That It Has Obtained a €1.2 Million European Union Grant for Its Intelligent and Clean Vehicle (VIP) Project20.10.2017 10:47Pressemelding

SP3H is proud to announce joining the very select circle of the 10 French winners of the H2020 SME Instrument Phase 2 program since 2014. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171020005325/en/ Last summer VIP received the very prestigious SME instrument phase 2 H2020 label in the "transport & smart cities mobility" category. With an overall budget of € 1.7 million, VIP is subsidized by the European Union at a rate of 70% or €1.2 million. The framework contract was officially signed early October. VIP is the pre-industrialization program for Fuelbox sensors, the world's first miniaturized scanner capable of analyzing the quality of fuels on board vehicles. The heart of the program remains closely linked to the reduction of CO2 and pollutant emissions from vehicle

Kennedy Wilson and Kennedy Wilson Europe Real Estate Plc Complete Merger, Creating $8 Billion Global Real Estate Company20.10.2017 10:00Pressemelding

Global real estate investment company Kennedy-Wilson Holdings, Inc. (NYSE:KW) (“KW”) today announced the completion of its merger with Kennedy Wilson Europe Real Estate Plc (LSE:KWE) (“KWE”). The transaction creates a leading global real estate investment and asset management platform with an $8 billion enterprise value. “This transformative combination with KWE represents an exciting new chapter for our company,” said William J. McMorrow, Chairman and CEO of KW. “We are moving towards a simplified corporate structure that provides more recurring income from stable property cash flows and greater upside potential from value-enhancing initiatives worldwide. We are well positioned for future growth and to continue our track record of generating attractive risk-adjusted returns on our invested capital.” “We are thrilled to combine the financial strength of KW and KWE to continu

World Trade Center Gibraltar: £65m Annual Boost to Local Economy20.10.2017 09:48Pressemelding

A report detailing the social and economic impacts of World Trade Center (WTC) Gibraltar was presented to the World Trade Centers Association (WTCA) in New York this week. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171020005285/en/ Ed Allison-Wright of WTC Gibraltar, with Scott Ferguson, WTCA, New York (Photo: Business Wire) Following the official opening of World Trade Center Gibraltar by the Chief Minister and Deputy Chief Minister in February of this year, World Trade Center Gibraltar commissioned the independent international economic consultancy Nairne Limited, to study and report on the economic contributions of the World Trade Center to the Gibraltar economy. This comes in the midst of an unprecedented take up of the office accommodation within the state-of-the-art facility. An astonishing

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom