EACHA to deliver ACH interoperability framework for instant payments
The European Automated Clearing House Association (EACHA) is to deliver a framework for ACH interoperability for instant payments by March 2016.
EACHA leads, upon invitation by the European Central Bank (ECB), a taskforce consisting of ACHs (including members of EACHA, EBA Clearing and representatives of Target2), national central banks, the ECB, and “ad hoc other stakeholders”.
The purpose of the group is to deliver to the Eurosystem (the monetary authority of the Eurozone) by March this year, a set of business requirements for ensuring risk management, clearing and settlement and interoperability of SCT-instant Payment. SCT stands for SEPA Credit Transfers.
EACHA’s interoperability framework will also be published in November 2016, “closely following” on the publication of the European Payments Council (EPC) Scheme Rulebook for SCT-instant Payment.
EACHA says this timing enables all stakeholders – banks, instant payment service providers, clearing and settlement providers, national central banks – to build and launch interoperable instant payment services in euros. The result, according to EACHA, ensures a “pan-European reach from the outset”.
EACHA adds that it will build the new framework on the existing one developed in 2008 for the launch of the Single Euro Payments Area (SEPA) schemes.
Several EACHA members already operate IP services (UK, Denmark, Sweden, Poland). In addition several other members have started initiatives (Netherlands, France, Spain, Italy) for service supporting the SCT-instant Payment Scheme.
EACHA is the technical co-operation forum of European ACHs. Its membership, currently comprising 26 institutions, gathers twice a year to discuss European developments in retail payments.
