17 September 2009 - 05:36 -Finextra
The International Payments Framework (IPF), an industry group aiming to simplify cross-border payments, is set to go live with the first stage of its payments plan in January 2010.
Once live, the framework will connect the payment processes of Federal Reserve Banks in the US and IPF member banks in Europe through the use of a transfer protocol based on the ISO20022 standard. The resulting link between domestic and international ACH systems will make it possibel to send pounds sterling to GBP accounts and USD dollars to USD or euro accounts help in Europe...
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About IPF
The International Payments Framework (IPF) provides rules, standards, operating procedures, and guidelines to improve cross-border payments. And because globalization is driving a broader base of clients who demand a more cost-effective, less complex, and more certain payment service with a wider reach, standardization is more important than ever.
In 3 to 5 years, this membership driven organization is expected to enable multi-currency, non-urgent payments to any other member organization; whether through a clearing and settlement mechanism or directly through member banks, utilizing the same standardized process and operating procedures. This will allow member organizations to offer their clients payments to new countries and/or currencies in a quick and efficient manner, lowering processing costs and eliminating the complexities in international non-urgent payments.
The International Payments Framework (IPF) provides rules, standards, operating procedures, and guidelines to improve cross-border payments. And because globalization is driving a broader base of clients who demand a more cost-effective, less complex, and more certain payment service with a wider reach, standardization is more important than ever.
In 3 to 5 years, this membership driven organization is expected to enable multi-currency, non-urgent payments to any other member organization; whether through a clearing and settlement mechanism or directly through member banks, utilizing the same standardized process and operating procedures. This will allow member organizations to offer their clients payments to new countries and/or currencies in a quick and efficient manner, lowering processing costs and eliminating the complexities in international non-urgent payments.
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