European banks can make euro payments to a beneficiary’s account without using the correspondent bank account
Wachovia, a Wells Fargo company, has introduced GlobalPay.EuroOut, a new Euro payment solution designed to help financial institutions send payments outside of Europe.
Reportedly, the new service allows European banks (including Poland), to initiate and make euro payments to a beneficiary’s account, without having to use a correspondent bank account to facilitate the process. The bank has said that with GlobalPay.EuroOut service European banks can make payments using the same systems they use to send payments inside of Europe, including Target2 or EBA Euro1.
Craig Hevey, group head of multicurrency solutions in global payment services, said: “As the euro continues to become a commonly used currency outside of Europe, the ability to send and receive euro payments is critical for global financial institutions. With GlobalPay.EuroOut, we are continuing to deliver our award winning customer service and access to a worldwide network of offices while also providing an efficient, cost effective and secure way for European banks to make direct euro payments outside of Europe.”