The Clearing House is working with the nation’s leading financial institutions to develop an industry-wide credentialing solution designed to help improve the future safety and soundness of digital payments.
As a first step, TCH, an industry-leading bank utility comprised of 22 member banks, is developing a pilot program to demonstrate a new open standard solution aiming to enhance customer account safeguards. The credentialing solution will help protect customer account information by reducing the storage of sensitive information—such as a customer’s card number—across multiple retailers, virtual wallet providers, and other parties. The initiative is designed to ensure that solutions in mobile and other digital payment channels can be applied in a consistently safe and sound manner across the payments spectrum.
TCH is ideally positioned to work with the nation's largest and most influential financial institutions to create a better, safer solution for customers—and one that meets the broadest set of end user needs. The pilot will begin in late 2013.
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