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PayFi Teams With The Clearing House For Real-Time Payments Platform

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Payment company PayFi and The Clearing House (TCH) have partnered to bring real-time payments technologies to the community banks on PayFi’s Branch99TM Real-Time Platform, according to a release. “We We are in the middle of an unprecedented disruption in the banking and payments industries,” PayFi Head of Growth Peter Gordon said.

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Deep Dive: Weighing The Federal Reserve’s Faster Payments Proposal

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TCH, which is co-owned by 25 banks, launched Real-Time Payments (RTP) in November 2017. The new rail facilitates 24/7 payment clearing and settlement in real time. The group claimed that “ubiquity is unlikely to be achieved without a [real-time gross settlement system] offered by the Federal Reserve.”. The Federal Approach.

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FedNow’s Montgomery: Gearing Up For 2023-24 — And Instant Payments Competition

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As reported in August, the Fed had announced some additional details of the 24/7 year-round interbank settlement service through a program that began to take shape in 2019, geared toward speeding processing times tied to instant payments (and featuring a clearing function). The Timeframe .