The Clearing House Payments Company

Are you sure you wanna do this? If you're on a phone call, you can't swipe and send money, and we put up a nice little prompt that says, "Do you feel pressured into paying somebody?" You know, "Please hang up and report this as fraud." So those things are, are really at the user experience level.

And then on the recipient end, you know, unlike FedNow and RTP from The Clearing House, there's a lot of existing systems around dispute resolution in the debit card rail.

So there's, you know, kind of that muscle memory that a financial institution does have in order to go get those funds back.

And so you have an authorization ID from Visa or Mastercard.

I did wanna actually circle back to something we hinted at earlier, which is the variety of choices, um, firms have now when thinking about real time payments.

So we've mentioned RTP, uh, operated by The Clearing House.

We've mentioned FedNow, obviously operated by Fed Reserve, uh, and stable coins.

I'm curious to hear, like, how your clients think about sort of perceived pros and cons of utilizing a given rail.

This is Off the Rails from the US Faster Payments Council, and I'm your host, Reid Louthanen, CEO of the FPC.

Today, I'm joined by Sabrina Chin, VP at The Clearing House.

Sabrina and I dig into the recent developments with the RTP network, with a heavy focus on the new one leg out, or OLO capability.

We also talk about the overall growth of the network, use cases, and deodorant.

It was great to catch up with my merchant friends and all kinds of different folks who were there at the MAG.

So, um, really had a good time and great to connect with that community.

Um, all right, and with that, let's get to the discussion with Sabrina Chin from The Clearing House.

[upbeat music] All right, we're joined by Sabrina Chin from The Clearing House.

I'll start with one, which is an obvious one, is that it is an international standard, and that standard has been adopted globally.

Now if we look at the US, we now have four out of the six payment systems, FedNow and The Clearing House's RTP, Fedwire and CHIPS from wholesale.

Four of our six systems are fully underpinned and live with ISO 20022.

This we also see at the global level where we see many of our peer operators, if not most, have rolled out ISO 20022.

And few people are better placed to talk about that than today's guest.

And I'm very excited to welcome David Watson, who is president and CEO of The Clearinghouse.

While many people know The Clearinghouse is the organization behind RTP, As a network, it's only part of the story for the clearinghouse.

They also operate something known as CHIPS, which is one of the world's most important and high-value payment systems on ACH.

David, it is fantastic to have you with us.

And I like that phrase because it feels like it's just bigger than payments and that it impacts us all.

And that talks to trust, of course.

And at the same time, the clearinghouses announced these plans around future connectivity and this layer between traditional rails and emerging on chain money as well.