Independent Banker - November 2017 - 78

Nuts & Bolts
PAYMENTS EXCHANGE
Laying the foundations
The Fed's Faster Payments Task Force has delivered its recommendations, and
pilot projects are launching imminently. Should your community bank jump on
the real-time payments bandwagon?
By Mary J. Yerkes
H
ot on the heels of the
Federal Reserve's
Faster Payments Task
Force report calling
on stakeholders to
make their organizations faster-payments-ready
by 2020, The Clearing
House (TCH) has announced it will
go live with its real-time payments
(RTP) pilot by the end of this year,
with a rapid ramp-up expected
in 2018.
" Real-time payments are growing
in importance for financial institutions,
particularly community banks, "
says Cary Whaley, first vice president
of payments and technology policy
for ICBA. " We think the TCH rail
has great potential for community
banks, and that it's an option to
meet customers' demands for
real-time payments. "
According to Tina Giorgio, president
and CEO of ICBA Bancard, ICBA
is working with TCH to deliver its
real-time payments solution through
TCM Bank, a subsidiary of ICBA
Bancard, in the hopes of developing
use cases to bring TCH's real-time
payments platform to community
" We think the TCH rail has great potential for
community banks and that it's an option to meet
customers' demands for real-time payments. "
-CARY WHALEY, ICBA
78 ICBA IndependentBanker November 2017
banks. Of the 16 proposals reviewed
by the Federal Reserve's Faster Payments
Task Force, TCH's real-time
payments solution will ramp up on a
national scale when it goes live.
The Clearing House's RTP
platform
Steve Ledford, senior vice president
of product and strategy at The Clearing
House, says TCH's real-time
payments system is especially suited
to community banks.
" We knew it couldn't only be good
for large banks with deep technical
resources, " Ledford says. " It needed
to work for any bank of any size.
That was a design principle from
the beginning. "
Ledford points out that many of the
features included in TCH's real-time
payments system are tailor-made
for the needs of small to midsize

Independent Banker - November 2017

Table of Contents for the Digital Edition of Independent Banker - November 2017

Table of Contents
Independent Banker - November 2017 - Intro
Independent Banker - November 2017 - Cover1
Independent Banker - November 2017 - Cover2
Independent Banker - November 2017 - Table of Contents
Independent Banker - November 2017 - 2
Independent Banker - November 2017 - 3
Independent Banker - November 2017 - 4
Independent Banker - November 2017 - 5
Independent Banker - November 2017 - 6
Independent Banker - November 2017 - 7
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Independent Banker - November 2017 - Cover3
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