38 Financial Institutions Participating in New International Electronic Payments Organization Co-ordinated by NACHA
Joe Teves, Manager of Disbursement Products at the Royal Bank of Canada, was elected Chair of the Worldwide Automated Transaction Clearing House’s (WATCH) Steering Committee. WATCH is a new international electronic payments organization that is developing a low-cost, cross-border electronic payments system based on Internet Protocol. Business requirements, specifications and organization governance are being developed in the current Phase I of the project, Phase II will entail the establishment of the corporate identity, the release of a Request for Proposal and the selection of a company to develop and run WATCH. Taylor also announced that 10 additional financial institutions had joined the effort, bringing the total to 38 institutions from 13 countries. Some of the new members include: BACS from the United Kingdom, Commonwealth Bank of Australia, Commerzbank AG and Hypo Vereinsbank from Germany, Citibank.