![]() "The trans-Atlantic pilot service will provide valuable input for the development of a fully-fledged IXB service to meet customer expectations across the globe." "The RT1 and RTP® networks are perfectly positioned to deliver a better cross-border experience with a very short time to market," said Russ Waterhouse, Executive Vice President for Product Development and Strategy at The Clearing House. It is developed with a view to being extended to other currency channels and payment systems. Based on state-of-the-art building blocks, such as ISO 20022 message standards, SWIFT Go and the instant payment systems of EBA CLEARING and TCH, the service initially will support instant payments in the U.S. Since October 2021, the group of supporting financial institutions has continued to grow and has formed an IXB Sounding Board to provide input on the development of this cross-border payment service leveraging existing real-time infrastructure, technology and standards. ![]() The proof of concept demonstrated the ability to synchronise settlement in one instant payment system with settlement in the other and to convert real-time messages between both systems. It follows a proof of concept completed in October 2021, with the contribution of seven financial institutions. The development of this pilot marks another important step in the IXB initiative launched by the three private-sector, member-owned companies to improve cross-border payments by utilising the fastest domestic payment options. (A non-exhaustive list of financial institutions engaged in the development of the IXB service is included at the end of this press release.) It is being designed with the contribution of 24 financial institutions, including those that are preparing to join the pilot. The pilot service is scheduled to begin by the end of this year with several participants joining the service in a phased approach. Taking the next step towards faster cross-border payments, banks from both sides of the Atlantic are preparing to exchange payments across TCH's and EBA CLEARING's real-time payment systems.īRUSSELS and NEW YORK and PARIS, Ap/PRNewswire/ - EBA CLEARING, SWIFT and The Clearing House (TCH) announced today that they plan to launch a pilot service for immediate cross-border (IXB) payments with the support of banks from both sides of the Atlantic.
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