The Electronic Payments Network (EPN) has added SwiftNet connectivity as an access option for member firms connecting to the US automated clearing house (ACH).
EPN says its existing customers are evaluating the use of their existing IP-based SwiftNet connection as a primary or contingency connection for transmitting and receiving ACH transactions.
The private sector ACH operator and association also sees the interface to the bank-owned messaging network as a potential tool for recruiting new members from the global Swift community. By re-using their existing SwiftNet infrastructure, new customers with large volume will be able to connect to EPN without the expense of adding a private line or incurring additional hardware and training costs.
The opening up of the ACH to SwiftNet mirrors a similar initiative by sister large value payments network Chips last month.