New international electronic payments organisation Watch has elected as chairman of its steering committee Joe Teves, manager of disbursement products at the Royal Bank of Canada.
Watch (Worldwide Automated Transaction Clearing House) says it is developing a low-cost cross-border electronics payment system based on internet protocol. The initiative is industry-driven and being coordinated by electronic payments association Nacha.
“Watch is progressing swiftly, more like a business venture than a volunteer organisation,” says Teves. “Phase one of the project required a minimum of 20 financial institutions to begin and there are now 38 institutions committed to the project, including eight of the 10 largest banks in the world."