IBM to Build Faster Payments with VocaLink, The Clearing House
The Clearing House has selected hardware from IBM to help build the real-time payments system scheduled to roll out in 2017.
IBM’s Power8-based system infrastructure, which runs Linux and AIX operating systems, will be the hosting platform for VocaLink, the international payments provider whose software The Clearing House chose to handle daily transactions in the U.S.
“The real-time payments solution we’re building marks an important milestone for the U.S. banking industry, a revolution in the payments market that brings a new level of service to businesses and consumers,” Tom Statnick, chief information officer of The Clearing House, said in a Sept. 21 news release. “To support our real-time initiative, it was crucial we had the right technology infrastructure in place.”
In a series of performance and resiliency tests, the Power8-based infrastructure showed sustained support 2,500 transactions per second, a record result for VocaLink’s real-time banking application, which previously ran on IBM’s x86-based infrastructure, according to the release.
The new solution by IBM and VocaLink is custom built for The Clearing House to help reduce and eliminate payment delays, allow financial payment recipients to immediate access to funds and support more payment services like electronic invoicing, rich remittance data and delivery confirmation.
Mastercard is in the process of buying a controlling stake in VocaLink.