Payments processing between U.S. and Europe launched by Fed banks and Equens

A memorandum of understanding was singed between the Federal Reserve Banks and Equens, one of the largest payment processors in Europe, Federal Reserve Banks and Equens, one of the largest payment processors in Europe, to process payments between the U.S. and European banks starting early next year.

Under the terms of the deal processing services will be provided for payments made in multiple currencies including U.S. dollar and euro. According to the official statement of the Federal Reserve Banks and Equens the service will help bans reduce their processing cost base, and strengthen their competitive position in the market.

"When talking with clients, we saw a clear demand for expanded payment services to and from Europe. Together with payment processor Equens, we can offer our clients an excellent, secure and cost-efficient solution," said Elizabeth McQuerry, assistant vice president, retail payments office, of the Federal Reserve Banks.