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

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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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