WATCH Selects SWIFT to Provide International Payment Processing Engine
The Worldwide Automated Transaction Clearing House (WATCH), a banking industry-owned company that is developing a low-cost electronic system for batch-based international payments, has selected SWIFT to provide the payment processing engine of the WATCH system. The WATCH payment engine will receive a payment file from a sending bank in either that bank’s national payment system format or an accepted international format. The engine will then convert the file into the formats of the destination countries and distribute the payments to the local clearing systems. WATCH has selected NACHA – The Electronic Payments Association to provide administrative support for the WATCH company.