Fed opens cross-border automated payment service
Northwestern Financial Review, Sep 1, 2001
The Federal Reserve announced that it has begun offering a cross-border automated clearing house payment service open to all U.S. financial institutions. The new service allows U.S. banks to send both debits and credits to Canadians through the Fed's existing ACH network. U.S. banks initiate payments in U.S.
dollars and Canadian banks are paid in either Canadian or U.S. dollars. Previously U.S. bank payments to Canada were limited mostly to paper-based checks or wire transfers.
Copyright NFR Communications Inc Sep 1, 2001
Provided by ProQuest Information and Learning Company. All rights Reserved
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