Pan-European Automated Clearing House
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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 there transactions via multiple clearing houses  rather than using one central clearing house.
- Syrbe, Benjamin. "European Trend Survey ‘Banks & Future’". Equens whitepaper. Equens. Retrieved 15 October 2013.