Pan European Automated Clearing House

A Pan-European Automated Clearing House (PE-ACH) is an ACH that is able to settle SEPA compliant credit transfers and direct debits across the Eurozone.

At present there is only one PE-ACH in operation - STEP2 - which was established by the Euro Banking Association in April 2003. According to a survey done by Equens, in the future one PE-ACH might be less relevant as banks will settle their transactions via multiple clearing houses rather than using one central clearing house.