Pan-European Automated Clearing House
Encyclopedia
A Pan-European Automated Clearing House (PE-ACH) is an ACH
that is able to settle SEPA compliant credit transfers and direct debits across the Euro
zone.
At present there is only one PE-ACH in operation - STEP2 - which was established by the Euro Banking Association
in April 2003. It is thought that some domestic ACHs will position themselves as PE-ACHs as SEPA is implemented.
Automated Clearing House
Automated Clearing House is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments...
that is able to settle SEPA compliant credit transfers and direct debits across the Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
zone.
At present there is only one PE-ACH in operation - STEP2 - which was established by the Euro Banking Association
Euro Banking Association
The Euro Banking Association is an industry forum for the European payments industry with over 200 member banks and organisations from the European Union and across the world aimed at fostering and driving pan-European payment initiatives...
in April 2003. It is thought that some domestic ACHs will position themselves as PE-ACHs as SEPA is implemented.