The Clearing House

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The Clearing House
TCH.png
Founded 1853
Headquarters New York City
Key People James D. Aramanda, President and CEO
Website theclearinghouse.org

The Clearing House (TCH), formerly known as New York Clearing House Association, is the oldest banking association in the United States. TCH offers deposit banking functions and payment services. It manages and operates the Clearing House Interbank Payments System (CHIPS), the National Check Exchange, the Electronic Payments Network (EPN), and Electronic Clearing Services (ECS).[1]

TCH is owned by the U.S. commercial banking affiliates of ABN AMRO, Bank of America, The Bank of New York, Bank One, Citigroup, Deutsche Bank, Fleet National Bank, HSBC, JP Morgan Chase Bank, Wachovia, and Wells Fargo.

In July, 2012, the Financial Stability Oversight Council designated The Clearing House as a preliminary consideration for systemically important nonbank financial company or financial market utility list. If designated, the firm would be subject to heightened risk management, financial resource, and other standards, but would also gain access to the Federal Reserve's emergency lending facilities. The FSOC confirmed its designation as an Systemically Important Financial Market Utility on July 18th, 2012.[2]

History

  • 1853 - First central check exchange
  • 1970 - First electronic payments system (CHIPS)
  • 1975 - National ACH operations begin
  • 1992 - Electronic Check presentment is launched
  • 2003 - National Check Exchange forms; Chicago Clearing House Association and WesPay Check Services join TCH
  • 2004 - TCH Payments Company merges payments companies; unites 19 owners[3]

Products and Services

  • SVPCO - Check and Electronic Clearing Services
  • EPN - ACH Processing and Association Services
  • CHIPS - Real-time, Final Wire Transfer Service

Key People

Resources

The Clearing House Payments Company Operations Training And Seminars On Industry Topics

References

  1. The Clearing House LLC. BusinessWeek.
  2. Financial Stability Oversight Council Makes First Designations in Effort to Protect Against Future Financial Crises. Financial Security Oversight Committee.
  3. History. The Clearing House.
  4. About Us - Staff. The Clearing House.