(FREE) The US Federal Reserve Banks’ (Fed)
FedGlobal Services initiative unveiled at the National Automated
Clearing House Association’s (NACHA) Payments 2009 Conference in
March will, claims the Fed, “revolutionise” cross-border automated
clearing house (ACH) payments.
The first phase of the FedGlobal Services
initiative will be launched in September 2009 to coincide with the
introduction of NACHA’s revised international ACH transaction rule
and will enable ACH credit payments to be sent to and received from
Panama. Similar services already exist between the US, Canada and
Mexico.
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The Panama service will be followed early in
the first quarter of 2010 with the introduction of cross-border ACH
payments between the US and more than 60 countries in regions
including Europe and Latin America.
FedGlobal Services will also place the banking
industry in a position to compete far more effectively with
remittance service providers. Specifically, in addition to offering
standard payments between bank accounts the FedGlobal Services will
also provide a new option that allows funds from accounts at a US
depository financial institution to be retrieved by unbanked
receivers at either a bank location or at a third-party
provider.
In a key move towards implementation of
FedGlobal Services the Fed and European payments processor Equens
have partnered to launch a multi-currency, low-value cross-border
payments service in early-2010.
Commenting, assistant vice-president of the
Fed’s Retail Payments Office Elizabeth McQuerry said: “When talking
with clients, we saw a clear demand for expanded payment services
to and from Europe. Together with Equens, we can offer our clients
an excellent, secure and cost-efficient solution”.
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By GlobalDataThe Fed which ranks as the US’ largest ACH
operator serves more than 21,000 ACH participants.
