The Clearing House has built an industrial strength clearing and settlement system to support Real-time Payments for the U.S. This new system allows consumers and businesses to send and receive payments instantly, directly from their accounts at financial institutions. It also includes data and non-payment messages that financial institutions can use to build innovative digital commerce solutions.
Real-time Payments is new, core industry infrastructure, like ACH, Fedwire or CHIPS. The goal is for total ubiquity, with every U.S. financial institution connected directly or indirectly. The system is designed for global compatibility, but will focus initially on achieving ubiquity in the U.S.
Here is how it all fits together: