BNY Mellon’s first such initiative was to become the first bank to originate a real-time payment over the The Clearing House’s new Real-Time Payments network. It has worked with The Clearing House and other banks to define standards for clearing and settling payments in real-time.
BNY Mellon’s second initiative was to launch a new service, called BNY Mellon Tokenized Payments – now available with Zelle, which will streamline the transition from paper to electronic payments for their clients.
In support of these initiatives, Volante developed its TCH RTP Processor Module in collaboration with BNY Mellon to process real-time payments and to allow a transaction to reach its recipient within 15 seconds or less.
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