NOTE – Aug 2022 – this blog is a tad wrong about the Zelle settlement process. Zelle uses its own organic settlement system from the Pariter acquisition and provides TCH with a net settlement file some of which may be processed on RTP.
Its been 18 mo since my last TCH update. As a quick refresh, the reason everyone cares about the TCH project, is that TCH is the ONLY place that the top 6 bank CEOs get together to collaborate on payments. TCH operates CHIPS (the largest private ACH network in the world), settling around $1.5T of payments PER DAY (think stock market, B2B, V, MA… everything). Within the ACH scheme every member bank has a settlement account and a nightly Net Settlement process is run.