Worldwide Automated Transaction Clearing House, or Watch, has boosted the number of banks committed to its development to 40, including eight of the largest 10 international banks.

The international automated clearing house initiative last week received initial financial commitments from an additional seven institutions: Bank of Scotland, Dresdner Bank of Germany, Royal Bank of Scotland, UBS of Switzerland, U.S. Central Credit Union, Wells Fargo & Co., and the Federal Reserve's retail payments office.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.