Keith Melton Joins The Clearing House as Senior Vice President

Keith Melton, previously of the Federal Reserve, has been appointed as the new senior vice president at The Clearing House (TCH), according to a company press release. In addition, Melton will take on the role of strategic program manager for TCH’s real-time payments business, RTP.

New Role, New Strategy

Melton’s responsibilities will include executing the next phase of TCH’s instant payment strategy and working closely with TCH clients to boost RTP adoption. He will be reporting to Margaret Weichert, TCH’s chief product officer. The key focus of his role will be to ensure the growth of the RTP network, thereby solidifying its position as the instant payments leader in the United States.

Experience and Expertise

Before his move to The Clearing House, Melton held the position of senior vice president in charge of product management at the Federal Reserve Bank of Atlanta, within the Federal Reserve Financial Services division. He joined the Fed in 2016. Prior to this, Melton held roles at IBM and SunTrust Bank.

Leadership Shift at The Clearing House

This appointment comes as part of a series of leadership changes at The Clearing House as it seeks to promote the use of its real-time payments network. Earlier this year, Sheffali Welch joined as chief operating officer and Margaret Weichert as chief product officer.

Competition in Real-Time Payments

Melton’s appointment comes amid growing competition in the real-time payments sector. The Clearing House’s RTP network and the Fed’s new FedNow instant payments system are vying for customers in a market where consumers are increasingly turning towards digital payments.

Since its inception in 2017, RTP has processed 500 million payments and has been used by 150,000 American businesses. On the other hand, Jack Henry & Associates recently announced that it has brought 40 clients into the FedNow system and another 150 customers are in the process of implementing it.

Global Shift to Digital Payments

The shift towards digital payments isn’t just limited to the United States. A recent McKinsey report revealed that global electronic payment transaction volumes have increased by 17% over the past five years.