15 December 2017
visit www.avoka.com

European ACHs form Sepa joint venture

25 June 2015  |  11527 views  |  0 euro

Six European ACHs have formed a joint venture to process payments in the single euro payments area (Sepa) from a shared service platform.

The European Clearing Cooperative (ECC) has been founded by Dias, Equens, Iberpay, ICBPI, Kir and Transfond with a view to handling increasing volumes of cross-border ACH transactions across the EU.

The new European payment platform, expected to be operational by the end of 2015, will provide central ACH interoperability and interbank settlement over the eurosystem's Target2 network.

As banks and corporates concentrate their payment processing in fewer Sepa countries, the volumes of interoperability links are expected to climb. ECC members say the shared service platform will create economies of scale and support increasing market demands.

The pooling of capabilities and operational resources from multiple ACHs within the ECC is also expected to open up possibilities for further cooperation in the development of real-time clearing and settlement.

Michal Szymanski, chairman of ECC’s board and vice-president of KIR, says: “We are confident that ECC will deliver outstanding service value to our customers. It creates important synergies and cost advantages on the interoperability level within the EACHA (European Automated Clearing House Association) framework, while at the same time giving participating ACHs the freedom to act with their local communities."

The six founding partners will operate and jointly govern the new venture as a shared facility, says Szymanksi, while extending participation to other ACHs across the euro zone.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Finally, Sepa migration deadline day arrives

Finally, Sepa migration deadline day arrives

01 August 2014  |  9033 views  |  2 comments | 19 tweets | 21 linkedin
Euro Board to fix post-Sepa focus on mobile and 'innovative' payments

Euro Board to fix post-Sepa focus on mobile and 'innovative' payments

22 May 2014  |  8258 views  |  0 comments | 5 tweets | 10 linkedin
ECB warns of risks from 'big bang' migration to Sepa

ECB warns of risks from 'big bang' migration to Sepa

24 October 2013  |  7103 views  |  0 comments | 7 tweets | 15 linkedin
EBA Clearing to run MyBank e-mandate pilot

EBA Clearing to run MyBank e-mandate pilot

16 September 2013  |  5570 views  |  0 comments | 2 tweets | 7 linkedin
Major German banks to switch domestic payments to EBA's Step2 ACH

Major German banks to switch domestic payments to EBA's Step2 ACH

21 May 2013  |  8603 views  |  1 comments | 6 tweets | 2 linkedin
Belgian banks to shift payments to France's Stet platform

Belgian banks to shift payments to France's Stet platform

24 October 2012  |  7347 views  |  0 comments | 11 tweets | 4 linkedin
Equens and VocaLink establish Sepa interoperability

Equens and VocaLink establish Sepa interoperability

09 September 2008  |  9728 views  |  0 comments
Equens establishes bilateral interoperability with Iberpay and Seceti

Equens establishes bilateral interoperability with Iberpay and Seceti

08 April 2008  |  7052 views  |  0 comments

Related company news

 

Related company information

equensWorldline SE

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.aciworldwide.comvisit www.thomsonreuters.info

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10176 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9217 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8877 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7578 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7202 views comments | 15 tweets | 24 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job