IXB

EBA CLEARING, SWIFT and The Clearing House to deliver pilot service for immediate cross-border payments

Retrieved on: 
Thursday, April 28, 2022
Immediate, TCH, Proof of concept, Clearing house, Intesa Sanpaolo Bank (Albania), Intesa Sanpaolo, SWIFT, Regional Civil Service Development Institute, Wells Fargo, FSB, Société Générale, Technology, FX, EBA, CPMI, The Clearing House, Financial Stability Board, BNY Mellon, ISO, Concept, Finance, NEW, RTP, BBVA, Committee, IXB, Industry, J. P. Morgan, New product development, Bank, Online shopping, Cryptocurrency, Atlantic Ocean

BRUSSELS and NEW YORK and PARIS, April 28, 2022 /PRNewswire/ -- EBA CLEARING, SWIFT and The Clearing House (TCH) announced today that they plan to launch a pilot service for immediate cross-border (IXB) payments with the support of banks from both sides of the Atlantic. The pilot service is scheduled to begin by the end of this year with several participants joining the service in a phased approach. It is being designed with the contribution of 24 financial institutions, including those that are preparing to join the pilot.

Key Points: 
  • BRUSSELS and NEW YORK and PARIS, April 28, 2022 /PRNewswire/ -- EBA CLEARING, SWIFT and The Clearing House (TCH) announced today that they plan to launch a pilot service for immediate cross-border (IXB) payments with the support of banks from both sides of the Atlantic.
  • The pilot service is scheduled to begin by the end of this year with several participants joining the service in a phased approach.
  • "The trans-Atlantic pilot service will provide valuable input for the development of a fully-fledged IXB service to meet customer expectations across the globe."
  • It is envisaged that the IXB pilot service will be followed by a full service offering in 2023.

EBA CLEARING, SWIFT and The Clearing House join forces to speed up and enhance cross-border payments

Retrieved on: 
Monday, October 11, 2021
CHIPS, Private sector, Financial Stability Board, HSBC, EURO1, J. P. Morgan, Citigroup, USD, Immediate, Finance, Solution, Clearing house, PNC Financial Services, Intesa Sanpaolo, NEW, New product development, Bank, FSB, Regional Civil Service Development Institute, RTP, EUR, EBA, Treasury, Committee, Bank of America, IXB, ISO, Intesa Sanpaolo Bank (Albania), Leadership, CPMI, The Clearing House, Partnership, Technology, TCH, Ecosystem, BBVA, Financial services

The concept could be expanded to additional currencies and is also replicable for more liquidity-efficient high-value payments.

Key Points: 
  • The concept could be expanded to additional currencies and is also replicable for more liquidity-efficient high-value payments.
  • We welcome the continued collaboration between commercial banks, SWIFT, EBA CLEARING and TCH on this initiative."
  • Our participation on both The Clearing House and EBA CLEARING payments systems means we're uniquely positioned to ensure a consistent faster payment experience end-to-end and across regions."
  • EBA CLEARING, SWIFT and TCH are planning to engage in next steps towards developing IXB.