Chase Manhattan Bank's Treasury Solutions division has become a founding shareholder of the privately owned Euro Banking Association Clearing Co.
The EBA will act as one of the main cross-border clearing systems when the unified European currency becomes effective in January. Chase Treasury Solutions has been a member of the EBA since March.
Chase has organized its euro clearing systems around an integrated routing hub in Frankfurt.
This hub is linked electronically via the bank's centralized processing facility in Bournemouth, England, to key Europe-wide and in-country payment systems.
This includes direct access to the other major euro clearing systems, such as CHAPS Euro in the United Kingdom; the German EAF (Euro Access Frankfurt); ELS (Euro Link Settlement) systems; and the French TBF (Transferts Banque de France) and SNP (Systeme Net Protege).
Chase said it wants to become one of the top three euro clearers.