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Behind the launch of The Clearing House’s RTP® network: An interview with Timothy Mills
Journal of Payments Strategy & Systems,
13
(1),
6-12
(2019)
Abstract
In the 1960s, improvements in telecommunications and computers sparked the first age of electronic payments in the USA, leading to the development of the Automated Clearing House network. In the decades since, increasingly rapid communications and globalised commerce pushed the industry to develop real-time payments to support the modern economy. A critical moment in the pursuit for faster payments occurred in November 2017 when The Clearing House launched the RTP® network, the country’s first real-time payment system. This interview with Tim Mills, Vice President of Business Development and Product Management at The Clearing House, recounts the origins of the RTP® network, shares insights from its first year of operation, and discusses parallels between the development of electronic payments and the race to land a man on the moon.
Keywords: electronic payments; realtime payments; history of payments; ACH; faster payments; The Clearing House
The full article is available to subscribers to the journal.
Author's Biography
Brian Laverdure is Director, Emerging Payments Education for EPCOR, a US payments association. He is responsible for developing and presenting EPCOR’s training on emerging payments technology and trends. Brian obtained his Accredited ACH Professional (AAP) certification in 2013. He holds a BA in history from the University of North Carolina- Asheville and an MA in American history from the University of North Carolina-Greensboro. He is a member of the editorial board of the Journal of Payments Strategy & Systems.
Timothy Mills is the Director of Association Services for the Electronic Payments Network — an ACH operator and regional payments association. He is an Accredited Automated Clearing House Professional (AAP) and has served as a member of the AAP Blue Ribbon Committee and Rules Enforcement Panel. He is also a frequent speaker at regional conferences and payments-related functions.
