Posted by NationalACH on Feb 13, 2010

The International Payments Framework is a membership association currently made of around twenty banks and central banks, clearing and settlement mechanisms, associations and software vendors based in Europe, the US, Canada, Brazil and South Africa working with international payments.

  The goals of the association include:

  • Defining rules, standards and operating framework
  • Simplifying non-urgent cross-border credit transfers
  • Leveraging existing payment networks and International standards e.g. ISO 20022
  • Enabling interoperability between domestic and regional non-urgent payments systems and banks

The association was formed in response to globalization.  Internationally, there are increasing numbers of organizations that need inexpensive, simplified payment mechanisms for sending and receiving international payments worldwide.

In the US, the National Automated Clearing House Association (NACHA)  is has implemented a new International Automated Clearing House (ACH) Transaction (IAT) rule.  The rule will simplify international payments and allow for fuller automation and tracking of all payments.

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