A pan-European automated clearing house (PE-ACH) is a
clearing house
Clearing house or Clearinghouse may refer to:
Banking and finance
* Clearing house (finance)
* Automated clearing house
* ACH Network, an electronic network for financial transactions in the U.S.
* Bankers' clearing house
* Cheque clearing
* Cl ...
that is able to settle
SEPA compliant credit transfers and direct debits across the
Euro
The euro (symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
zone.
At present there is only one PE-ACH in operation –
STEP2
EBA Clearing is a provider of pan-European payment infrastructure wholly owned by shareholders that consist of major European banks.
It owns and operates major payment infrastructure in Europe for Euro payments between banks. This includes EURO ...
– which was established by the
Euro Banking Association in April 2003. According to a survey done by Equens, in the future PE-ACH might be less relevant as banks will settle their transactions via multiple clearing houses
rather than using one central clearing house.
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Payment networks
Banking technology
Banking in the European Union
Eurozone
Payment clearing systems