Six European automated clearing houses (ACHs) have formed an alliance – the European Clearing Cooperative (ECC) – to provide centralised payments processing services in the single euro payments area (Sepa). It aims to handle increasing volumes of cross-border ACH transactions across the EU.
The ECC was registered on 23 June 2015 by the following six European payments companies:
- Dias (Greece),
- Equens (pan European),
- Iberpay (Spain),
- ICBPI (Italy),
- Kir (Poland) and
- Transfond (Romania).
According to a statement from Equens, the new European payment platform is expected to be operational by the end of 2015 and is designed to provide a central ACH interoperability model, based on the European automated clearing house association (EACHA) framework, using a multi-cycle model and interbank settlement in TARGET2.
Equens also stated: “Currently, these entities together with the ACHs operated by three central banks – Banca d’Italia, Deutsche Bundesbank and Oesterreichische Nationalbank – intend to process their cross-ACH transactions, meaning transactions sent by one participating ACH to another. Participation in ECC will be open to all ACHs active in Europe.”
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 framework, while at the same time giving participating ACHs the freedom to act with their local communities.”
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