Banks launch 1st new payment, clearing house in 40 years

The first new U.S. payment and clearing system in more than 40 years passed its initial test drive yesterday.

Known as Real-Time Payments, the system set up by The Clearing House quickly processes payments and also carries data similar to an invoice.

The transaction yesterday a customer made between different accounts at Bank of New York Mellon and U.S. Bancorp went through in 3 seconds.

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