New York
21 September 2016
Reporter: Drew Nicol
BNY Mellon to test real-time payment service
BNY Mellon has upped the ante in the race to achieve efficient real time payments by becoming one of the first participants to incorporate the Real-Time Payment (RTP) system being developed by The Clearing House (TCH) into its clearing infrastructure.

According to BNY Mellon, it plans to use the RTP system to facilitate real-time payments on behalf of both corporate and bank clients, and to leverage the system's capabilities in support of other in-house payment innovations.

RTP will be available in the US in the first half of 2017.

"We see the availability of real-time clearing and settlement as one of the most significant advances in payment technology in more than 40 years," said Michael Bellacosa, managing director and head of global payments for BNY Mellon's Treasury Services business.

"Payment innovations have to pass three key tests — reliable and repeatable global standards; sufficient levels of ubiquity and network effects; and regulatory buy-in. Being designed to satisfy all three criteria, RTP system promises to add an important new dimension to our clients' payment experience."

Russ Waterhouse, executive vice president, product development and strategy for The Clearing House, added: "The participation of our member banks is critically important to the success of our real-time payments initiative."

"BNY Mellon's commitment to bring RTP system to market reflects the high level of leadership the company has demonstrated from the outset of the project, and their ability to provide real-time payment support as part of their outsourcing services for client banks represents an important network effects multiplier."

More payments news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
UniCredit embarks on test phase for European instant payments
25 July 2017 | Milan | Reporter: Stephanie Palmer
UniCredit has started testing EBA Clearing’s instant payment solution RT1, in preparation to roll out instant payments multinationally
ECB to launch new faster payments system
22 June 2017 | Frankfurt | Reporter: Stephanie Palmer
The European Central Bank (ECB) is expanding its TARGET 2 instant payments system to facilitate retail payments throughout Europe
New liquidity management solutions set to manage cross-border payments
15 June 2017 | New York | Reporter: Stephanie Palmer
J.P. Morgan has launched two new liquidity management solutions for cross-border payments
SIA to provide Icelandic payments update
13 April 2017 | Reykjavík | Reporter: Stephanie Palmer
The Central Bank of Iceland has selected technology infrastructure provider SIA to implement and support its new real-time gross settlement system and instant payment platform
PayCommerce hails successful instant payments test
31 January 2017 | Edison, New Jersey | Reporter: Stephanie Palmer
Cross-border payments network PayCommerce has completed the first payment, clearing and settlement using its Federated Ledger blockchain technology...
EBA and SIA launch instant payments testing
19 January 2017 | Milan | Reporter: Stephanie Palmer
Testing has gone live for EBA Clearing’s pan-European instant payment infrastructure, before its scheduled go-live date in November...
SWIFT tests blockchain for cross-border payments
12 January 2017 | La Hulpe | Reporter: Mark Dugdale
SWIFT is exploring whether banks can use distributed ledger technology to improve the reconciliation of their nostro databases in real time to optimise their liquidity globally...
More payments news