IPFA forms for simplification
(10 March 2010 – Global) The International Payments Framework Association (IPFA) has been launched to provide business rules, standards and operating procedures to improve non-urgent cross boarder credit transfers by establishing a contractual framework.
The IPFA was set up by a group of 21 banks, clearing houses and associated payment service providers with the aim of simplifying global credit transfers.
At the groups’ first meeting held in London the IPFA elected a board of directors, which consists of six banking institutions and three clearing houses.
In April 2010, The Federal Reserve Bank of Atlanta and Equens will commence exchanging both USD and EUR payments between USA and Europe.
Over the next two years the IPFA plans to include, into the framework, the Brazilian, Canadian, Mexican and South African currencies.
At the groups’ first meeting held in London the IPFA elected a board of directors, which consists of six banking institutions and three clearing houses.
In April 2010, The Federal Reserve Bank of Atlanta and Equens will commence exchanging both USD and EUR payments between USA and Europe.
Over the next two years the IPFA plans to include, into the framework, the Brazilian, Canadian, Mexican and South African currencies.
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