| |
NEWS RELEASE
International Payments Framework Initiative Seeks
Members
Membership organization
will improve cross-border payments process
Herndon,
Virginia, February 7, 2008 - The
International Payments Framework (IPF) has announced
completion of its first phase. Over the past 12
months, representatives from 30 organizations
representing 15 countries around the world have been
reviewing the feasibility of an International
Payments Framework. Phase I of the project is now
complete with the development of the IPF concept
paper. Phase II, which will enable interoperability
between domestic and international ACH systems, has
begun with a 90-day member solicitation period to
conclude March 31, 2008.
Participation in
the project is open to financial institutions, ACH
operators, central banks, and other payments
industry stakeholders. Membership contributions to
Phase II will be determined on a sliding scale based
on the number of participating organizations.
The IPF concept
would establish a membership organization that will
provide rules, standards, operating procedures, and
guidelines to improve non-urgent cross-border
payments through a member service agreement binding
members to the operating rules. These rules would
enable interoperability between existing domestic or
regional payment systems, the ability to exchange
transactions in multiple currencies, and settlement
procedures leveraging existing practices. The
rule-making body of the IPF would provide an overlay
structure that enables interoperability between
Clearing and Settlement Mechanisms (CSMs) and banks,
with bank members providing transaction volume.
NACHA—The Electronic Payments Association will serve
as Secretariat for Phase II of the project.
IPF will simplify
back office processing for both receiving and
sending financial institutions, reduce operating
costs by improving straight-through processing, and
provide client value in the form of certainty of
service and improved information content for global
ACH payments. Member organizations will benefit from
a streamlined process to implement new countries and
currencies in a quick and efficient manner, lowering
processing costs and eliminating the complexities in
international non-urgent payments.
Organizations
wishing to join IPF must sign and submit a letter of
intent—available at
www.internationalpaymentsframework.org—by March
31, 2008.
For additional
information about the International Payments
Framework, visit the IPF Web site at
www.internationalpaymentsframework.org or
contact Priscilla Holland at 01-703-561-3916 or via
email at
pholland@nacha.org.
About
International Payments Framework
The International Payments Framework (IPF) is a
multi-national effort that establishes a membership
organization providing rules, standards, operating
procedures, and guidelines to improve non-urgent
cross-border payments through a multilateral,
binding agreement. IPF enables interoperability
between existing domestic or regional payment
systems, the ability to exchange transactions in
multiple currencies, and settlement procedures
leveraging existing practices. NACHA’s Global
Payments Forum, whose mission is to identify,
develop, and drive strategic initiatives in
international electronic payments through education,
collaboration and information exchange, is
coordinating the initiative.
|
