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The Clearing House, SVPCo and Affiliated Payments Businesses Join Forces in New Payments Company

Friday 3 December 2004 13:25 CET | News

Realignment of Six Related Businesses Leverages Scale and Expertise to Address Opportunities in U.S. Payments Industry Transformation

The Clearing House, SVPCo and affiliated payments businesses have merged into a single payments company with an inclusive and unified governing board. This reorganization involves: The Clearing House, Small Value Payments Company (SVPCo), Clearing House Interbank Payments System (CHIPS), Electronic Payments Network (EPN), Electronic Clearing Services (ECS), and National Check Exchange (NCE). Together, these companies represent the entire spectrum of clearing and settling payments - from paper to electronic. The streamlined business model was created over the past 18 months with the active involvement of the senior leaders from a number of the owner banks. The transition to the new structure is expected to take place over the next year, with no change to daily operations, management, business plans, or marketing. Customers will not be directly affected by the change - and they can expect continued innovation, leadership, safety and soundness, and cost-competitive payment systems. The Clearing Houses voice in the industry on legal, regulatory, tax, and accounting matters will continue as it does today. In addition, the Strategic Payments Forum will facilitate strategic work among U.S. payments industry participants. It assesses the continuous evolution of the U.S. dollar-based payments business and facilitates action to ensure bank centrality in, and influence over, the evolution of the payments business.


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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce