- U.S.-based banking association and payments network operator The Clearing House appointed a new CEO this week.
- David Watson will assume the leadership position from Jim Aramanda, who will retire at the end of this month.
- Watson comes to The Clearing House from SWIFT, where he served as Chief Product Officer.
The Clearing House (TCH) is getting a new leader for the new year. The U.S.-based banking association and payments network operator appointed David Watson as its newest CEO, launching into 2023 with a fresh start.
Watson will take the reins from the company’s current President and CEO Jim Aramanda, who will retire at the end of this month. Aramanda has served as CEO of TCH for 15 years, beginning his tenure at the height of the financial crisis in 2008.
“The Clearing House’s Supervisory Board is grateful for Jim Aramanda’s long-standing service to the organization, said Bank of America Chair and Chief Executive Officer and Chair of the TCH Supervisory Board Brian Moynihan. “During Jim’s tenure, TCH continued its critical role in delivering ultra-reliable payments capabilities to the U.S. financial system, but importantly, also introduced innovative new payments capabilities. This includes the RTP network, which is now delivering real-time payments capabilities.”
Watson comes to TCH from SWIFT, where he served as Chief Product Officer, assisting in product engineering, development, and innovation. Prior to that, he served in multiple roles at Deutsche Bank for 17 years. His titles included Head of Cash Management Americas and Global Head of Digital Products, Global Head of Product Development – Global Transaction Banking, and Head of Americas Product Management – Global Transaction Banking.
“David brings extensive payments experience, in-depth expertise in the field, and a strong track record of innovation,” said Moynihan. “David will continue TCH’s important work of driving adoption of real-time payments capabilities and focusing on the safety, security, reliability, and efficiency of bank-owned payment systems which are critical to the financial system.”
TCH was founded in 1853. The 170-year-old company is owned by 24 of the largest commercial banks in the U.S. and clears and settles approximately $2 trillion in bank-to-bank payments each day through wire, ACH, check image, and real-time payments. In 2017, TCH took the historically slow U.S. payments industry into the next level by launching the Real Time Payments (RTP) network, which helps clear and settle payments instantly and facilitates the real-time exchange of payments-related data.
Shortly after David Watson becomes TCH’s new CEO, the company’s RTP will gain a new rival. RTP will compete directly with FedNow, the U.S. Federal Reserve’s real-time payment system, after it launches in July of this year. FedNow creates a new rail for payments that will provide all financial institutions access to secure, instant payment services in real time.