Mastercard Incorporated and The Clearing House (TCH) announced an extended multi-year partnership, bringing the companies together to collaborate on innovative capabilities for consumers, businesses and governments to evolve and embrace the digital economy through real-time payments (RTP) adoption on the RTP network. The partnership continues Mastercard?s role as the exclusive instant payments software provider for TCH?s RTP network, enabling both companies to integrate new instant payment use cases across a range of payment flows. Instant payments became a reality in the U.S. in 2017 when The Clearing House launched the RTP network, the first new payment rail in 40 years designed and powered by Mastercard.

For consumers, RTP provides instant access and confidence that a payment is received, 24/7. For businesses, RTP enhances value by simplifying payments for customers, enabling faster wage disbursements, improving liquidity management, and optimizing capital workflows, and for governments, it helps activate local economies through disbursement and settlement. Real-time payments offer speed of payment, extensive data exchange, real-time messaging, and 24/7/365 availability. Mastercard and The Clearing House continue to support, invest, and develop real-time account-to-account technologies that enable the transmission of rich payment and non-payment data both in the U.S. for the RTP network and around the world.

TCH?s RTP network?s faster payment capabilities are available to financial institutions that hold close to 90% of U.S. demand deposit accounts. The RTP network was built for financial institutions of all sizes and serves as a platform for innovation allowing financial institutions to deliver new products and services to their customers. Financial institutions can integrate into the RTP network directly, through third-party service providers, bankers?

banks and corporate credit unions.