Payments as a service

Since the 1980s, credit cards and international wire transfer systems like the Society for Worldwide Interbank Financial Telecommunication (SWIFT)[1] have been primary methods for making and receiving electronic cross-border payments.

Within individual countries, payers and payees have used various electronic systems to make such payments.

In the United States, for instance, the Federal Reserve Bank operates the automated clearing house (ACH) system.

The ECB provides a real time gross settlement system (RTGS) for SEPA payments called TARGET2.

RT1[5] from EBA Clearing provides a pan-European ACH (PEACH) for SEPA instant payments settling on TARGET2.