Swift to link with The Clearing House's payments platform

News | 15 August 2017

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Swift has started work on a platform that will act as a bridge for its US clients, allowing them to use The Clearing House’s (TCH) new real-time payments system.

TCH, a US banking association that clears and settles almost US$2trn per day, is building its own system for domestic payments (for personal and commercial use), which also holds data and has a messaging service.

To coincide with this, Swift will build the Alliance Messaging Hub in association with TCH, giving US institutions the option of using a single platform for high-value payments via Swift, and low-value payments via TCH.

“Achieving our vision of broad adoption of real-time payments will only be possible when the majority of US institutions are able to participate, and Swift will be instrumental in helping us meet this goal,” said Steve Ledford, senior vice president, product and strategy at The Clearing House.

Alliance Messaging Hub is described by Swift as an “orchestration layer” that includes a gateway to the TCH’s payments network, as well as other gateways and API's which allow financial institutions to connect to other non-Swift networks.

“The Clearing House is making great strides in accelerating the speed of transactions, and we are committed to playing our part in helping the financial community to operate as efficiently as possible,” added Ignacio Blanco, director, strategic relationships at Swift. 

The platform will be available by early 2018. 

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