The International Payments Framework (IPF) has announced completion of its first phase. Over the past 12 months, representatives from 30 organizations representing 15 countries around the world have been reviewing the feasibility of an International Payments Framework. Phase I of the project is now complete with the development of the IPF concept paper that details the conclusions reached by the members on the development of the proposal. Phase II, which will enable interoperability between domestic and international ACH systems, has begun with a 90-day member solicitation period to conclude March 31, 2008.

Participation in the project is open to financial institutions, ACH operators, central banks, and other payments industry stakeholders. Membership contributions to Phase II will be determined on a sliding scale based on the number of participating organizations but will not exceed $20,000.

The IPF concept would establish a membership organization that will provide rules, standards, operating procedures, and guidelines to improve non-urgent cross-border payments through a member service agreement binding members to the operating rules. These rules would enable interoperability between existing domestic or regional payment systems, the ability to exchange transactions in multiple currencies, and settlement procedures leveraging existing practices. The rule-making body of the IPF would provide an overlay structure that enables interoperability between Clearing and Settlement Mechanisms (CSMs) and banks, with bank members providing transaction volume.

Founding Member Benefits

Organizations that sign the Letter of Intent prior to 1 April 2008 will be considered Founding Members of the project and will be entitled to the following benefits:

• Eligibility for seats on the first IPF Board of Directors
• Discount on the IPF organization's ongoing annual membership fees for the first three years
• Twenty-percent discount on their Phase II financial contributions

Phase II Participants

1. Standard Bank of South Africa
2. Wells Fargo
3. SECB Swiss Euro Clearing Bank GmbH
4. Wachovia
5. Federal Reserve Retail Payments Office
6. PayPro
7. Canadian Payments Association
8. Camara Interbancaria de Pagamentos (CIP - Brazil)
9. Standard Chartered Bank
10. World Savings Banks Institute/Euro Savings Banks Group
11. National City
12. JPMorgan Chase
13. Fifth-Third Bank
14. U.S. Bank
15. Eurogiro
16. Equens