Federal Reserve Banks and Equens start strategic partnership
09-04-2009
The Federal Reserve Banks and Equens today announced that they have signed a Memorandum of Understanding on the processing of payments from the US to Europe and vice versa. Starting in early 2010, both parties will offer banks a cost-efficient channel for processing cross-border payments in multiple currencies, including the US dollar and euro.
The partnership with Equens is an important element of the FedGlobalSM ACH Services which were recently introduced at the Payments 2009 conference in Orlando (US). "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", says Elizabeth McQuerry, Assistant Vice President of the Federal Reserve Banks' Retail Payments Office.