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The Innovation Center highlights some of the new ideas and cutting-edge technologies that The Clearing House, member banks, industry partners and technology companies are building to bring new solutions to the market for real-time payments, bill payments, consumer data privacy and more. To see what we are working on and how we do it, explore the following sections below:

Driving Innovation on the RTP Network: The Reinvention of Bill Pay

Summary

  • Financial Institutions have seen a departure of nearly 50% of bank-directed bill pay to biller direct over the past few years.
  • Customer demand for immediacy and transparency has significantly grown, with more than 75% expecting real-time capabilities for bill pay.
  • RTP Bill Pay represents an opportunity for Financial Institutions to provide a better end-to-end payment process for billers and payers and improve overall efficiency.
  • The Clearing House led design thinking sessions to help re-envision the bill payment process leveraging the features of the RTP Network.                                                                                                    

Overview

The Clearing House utilizes a design thinking mindset for effective problem-solving in today’s complicated financial marketplace. This human-centered approach helps generate valuable outcomes for all stakeholders involved. Access Design Thinking Innovation Journey to learn more about our innovation process.