Trusted Settlement RTGS System™

Secure, real-time reconciled payment clearing and settlement between banks with legal finality

The legacy payment clearing and settlement systems used by U.S. banks are, frankly, archaic. The primary electronic system is the Automated Clearing House (ACH) system. ACH payments not only have limitations on speed and remittance information, but are also risk-laden as the clearing and settlement time for each payment varies between four and six days. Moreover, ACH payments can be repudiated or challenged. The ACH Rule Book controls the repudiation times. In some cases an ACH payments can be challenged up to seven days after settlement, but the worst case where the rules enabled repudiation has been up to 60 days. InterComputer’s Trusted Settlement System (TSS) for BusinessChain Payments™ solution addresses all these limitations with real-time, legal finality.

Today, TSS BusinessChain Payments™ enables banks to execute, clear, and settle electronic payments for their clients in real-time, with full legal finality and insured-security. The following diagram illustrates the “four-corner” electronic payment scenario: 

For electronic payments to clear and settle with legal finality in real-time a completely new approach had to be developed. InterComputer’s TSS BusinessChain Payments™ product combined with the IC IOS’ insured-secure transmission and legally binding payment finality is the software solution to upgrade the nation’s electronic payment settlement infrastructure. InterComputer has generated legal agreements for banks and their customers which create “legal finality”.

InterComputer’s TSS BusinessChain Payments™ application enables banks to treat each payment, consisting of a debit at the payer’s bank and a corresponding credit at the payee’s bank) as a real-time clearing and gross settlement. The full legal finality of TSS BusinessChain on ICN™ obviates the need for a daily end-of-business net settlement between the two banks.