Foundation of the IPF Association
08-03-2010
On Wednesday 24 February 2010, in London, 21 leading banks, clearing houses and associated payment service providers formed the International Payments Framework Association (IPFA).
Arthur Cousins of Standard Bank of South Africa has been elected Chairman of the board. Michael Steinbach, CEO of Equens, was elected Vice-Chairman of the board.
The prime purpose of the IPFA is to provide business rules, standards and operating procedures to improve non-urgent cross border credit transfers based on the ISO 20022 message standard through a contractual framework binding the members to these business rules, standards and operating procedures.
April 2010 will see the commencement of live traffic between two IPFA members. The Federal Reserve Bank in Atlanta, USA (FED) and Equens in Europe will start with exchanging both USD and EUR payments between the USA and Europe. Thereafter these members will expand the processing to other European currencies as well.
