The Clearing House, a national payments system operator for the U.S. banking industry, has inked IBM to help deliver a new real-time payments system due to roll out in 2017. Set to transform domestic digital transactions, the real-time payments system (RTP) is designed to enable consumers and businesses across the U.S. to send and receive payments instantaneously. IBM joins VocaLink, the international payments systems provider previously selected by The Clearing House, to build the first-of-its-kind payments system in the U.S. After evaluating various hardware technology infrastructures on which to run the VocaLink solution, The Clearing House selected an IBM POWER8-based system infrastructure running Linux and AIX operating systems as the hosting platform. Responsible for clearing nearly $2 trillion in payments per day, The Clearing House will utilize the unique capabilities of the POWER8 architecture to efficiently process millions of bank payments settled daily, in real-time, in a security-rich environment. The ubiquitous system is expected to help reduce and eliminate payment delays and give receivers of financial payments immediate access to funds and support complex business payment services including electronic invoicing, rich remittance data and confirmation of delivery. The Clearing House plans to launch the new system with major U.S. banks in 2017. RTP is designed to support thousands of simultaneous transactions per second, processing payments 24 hours a day, 7 days a week. Once implemented, RTP will provide a hub that is accessible to all financial institutions and allow customers to use their existing accounts at financial institutions to send and receive payments. Prior to building the custom solution for The Clearing House, IBM and VocaLink ran an extensive set of performance and resiliency tests of the payments service on a set of enterprise-class Power Systems. The IBM POWER8-based infrastructure supported a sustained 2,500 transactions per second – a record result for the VocaLink application. VocaLink previously offered its real-time banking solutions on x86-based infrastructure. Also supporting the initiative to digitally transform payments transactions in the U.S. and to complement the new payments system under development by The Clearing House, IBM will offer expanded payment capabilities within its Financial Transaction Manager (FTM) portfolio.  FTM, which runs on multiple platforms including IBM Power and z Systems, can help commercial banks rapidly connect to and enable new services using real-time payments. For a complete archive of more than 70,000 articles published since 1995 search the library