The Clearing House Payments Company L.L.C. (TCH) submitted comments to the Committee on Payments and Market Infrastructures (CPMI) regarding their consultative report about the extension and aligning of payment system operating hours for cross-border payments. In the letter, TCH noted its full support to CPMI’s approach towards expanding operating hours to enhance cross-border payments and encouraged real-time gross settlement ("RTGS") systems to continue to expand their operating hours across jurisdictions until they reach 24x7. With respect to implementation, TCH suggested additional considerations that are vitally important when planning the necessary infrastructure for expanded hours, as well as analysis of what 24-hour period should constitute a "day" for purposes of posting payments. TCH noted that a 12:00 am start to the 24-hour business day might be worth considering but will require coordination among RTGS systems. Finally, TCH noted that many private sector systems across jurisdictions have moved towards 24x7 operations. Ultimately, central bank RTGS systems, including Fedwire in the U.S., will need to move towards 24x7 operations in order to achieve faster speed targets and enhance cross-border payments.
To read the full comment letter click here.