Milestone for European payment processor

Interpay complies with European Central Bank standards

Utrecht, 13 October 2005 - Interpay increasingly focuses on the European market by taking express account of European standards when designing its own systems. And with success, as is evident from the test by the Dutch Central Bank (De Nederlandsche Bank - DNB). Interpay scores an excellent result on all relevant standards formulated by the European Central Bank (ECB). DNB refers to the unique parcel settlement method and open access criteria.

It appears from the DNB report in its Quarterly bulletin from September 2005 that Interpay's Clearing & Settlement System (CSS) complies with the ECB's standards for system-critical retail payment systems. This covers ten Core Principles that relate to all aspects of an organisation: from security and management efficiency to control of financial risks and legal matters.

With Interpay, participants face no credit risk from one another. Interpay's parcel settlement system, which is unique in Europe, ensures frequent settlement of collected payment orders - the so-called 'parcels' - and rapid availability of entry information. DNB's TOP system first establishes whether there is sufficient balance or unused credit lines available on the payer's account.

The access criteria imposed by Interpay for participation in CSS are also striking. Interpay is open to all entrants from the European market that satisfy these criteria. The test report describes Interpay as a transparent organisation. Points mentioned are the objective and public access criteria with which Interpay finds the right balance between security and open access, the clear insight into financial risks that Interpay provides to the participants, and the effectiveness and transparency of the administrative organisation. The report also refers to the high priority that Interpay gives to security, reliability and continuity.

Interpay achieved the maximum result on eight Core Principles. One was not applicable to the Interpay situation and, for the 'legal basis' Core Principle, Interpay received the qualification that CSS complies for the most part.

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