Elena Whisler on Cross Border Payments in U.S. and Going 'Glocal'

Why It Matters

Instant, compliant cross‑border payments will lower transaction costs and accelerate global trade for businesses, reshaping the competitive landscape.

Key Takeaways

• Clearinghouse links U.S. RTP and Europe’s RT1 for instant transfers.
• Five‑second posting rule applied across transatlantic payment networks.
• IXB initiative drives proof‑of‑concept pilots for real‑time cross‑border.
• Compliance, data security, and FX transparency built into the end‑to‑end flow.
• Pilot expected live by year‑end, reshaping global business payment experience.

Summary

Elena Whisler, senior executive at The Clearing House, outlined the firm’s “glocal” strategy to modernize cross‑border payments between the United States and Europe. She described how the company views the payment ecosystem in layers—network infrastructure, financial‑institution services, and the end‑user experience—and why each must be aligned for truly instantaneous transactions.

The centerpiece of the discussion was the Immediate Cross‑Border (IXB) initiative, which seeks to connect the U.S. Real‑Time Payments (RTP) network with Europe’s RT1 system. By enforcing a five‑second posting requirement on both sides, the initiative aims to deliver domestic‑level speed and transparency for transatlantic transfers. A proof‑of‑concept has already been completed, and a pilot that includes message transformation, fund movement, and full regulatory compliance is slated to go live by the end of the year.

Whisler highlighted collaboration with the European Banking Association (EBA) clearing and SWIFT, noting that the pilot will test end‑to‑end flow, foreign‑exchange handling, and data‑security protocols. She emphasized that the solution must meet stringent safety standards while providing real‑time notifications and clear pricing to business customers.

If successful, the IXB framework could compress a traditionally multi‑day settlement into seconds, giving U.S. and European firms a competitive edge in global commerce. Faster, compliant payments would reduce working‑capital costs, improve cash‑flow predictability, and set a new benchmark for the industry.

Original Description

Elena Whisler of The Clearing House discusses the crucial layers involved in constructing the cross-border payments ecosystem and the launch of the immediate cross-border payments initiative (IXB). TCH is experimenting with a 'glocal' approach to CBP by connecting their local networks in the U.S. with the RT1 system in Europe - with similar standards and rules shared between the two, the granular approach aims to build an ecosystem through functioning and reliable channels.