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In designing the capabilities of the system, TCH made consumer protections a priority and intends for the new system to be compliant with the Consumer Financial Protection Bureau’s (CFPB) “Consumer Protection Principles” for faster payment systems. Some of the core customer benefits include:
Ubiquity – the system will be accessible by all financial institutions in the U.S., regardless of size or charter type;
Seamless Integration – the system will enable customers to use their current accounts to make and receive payments using their financial institutions’ existing online or mobile banking platforms;
Commercial Payments – supports complex business payment services including electronic invoicing, rich remittance data and confirmation of delivery;
Customer Control – every payment is initiated directly by the sender, providing complete control and transparency to customers;
Certainty – senders and receivers will receive immediate notification of payment, and risk of returned payments will be eliminated, because sending financial institutions immediately verify good funds;
Built to Last – extensibility in the system’s architecture will allow it to be flexible so it can adapt to changing market needs in the future; and
Conforms to International Standard – meets ISO 20022 standards for real-time payments. Immediately allows FIs and customers to use the same formats, technology and processes across borders; which will eventually support international payments through interoperable domestic payment systems.
“Our real-time payment system will enable customers across the country to make secure, convenient payments instantaneously,” TCH's CEO Aramanda said. “This real-time payment system will enable business to process invoices, governments to send disaster relieve funds, and individuals to pay contractors – all within an instant.”