LONDON - Chase Manhattan Corp. has agreed to provide the Eurogiro Network with funds-transfer and check services.
Eurogiro is a cross-border payment system that counts 16 European financial institutions and one Asian bank as participants.
Under terms of the agreement, Chase will give Eurogiro members access to money transfers via the U.S. automated clearing house. It will also provide them with check issuance and deposit services.
"Chase's leadership in U.S. ACH payments and the direct link that will be provided into the ACH payment system enables Eurogiro members to offer U.S.-dollar payment services which best meet their customers' needs," said Mogens T. Hansen, managing director of Eurogiro Network.
"It will furthermore enable members to address the proposed cross-border payment directives set by the European Commission for transfers to the U.S."
Demetrie Comnas, global payment and treasury services business executive for Europe, Middle East, and Africa, added, "This partnership represents an important addition to Chase's global mass-pay capabilities."