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Sparkassen Finanzgruppe launches European Clearing House PAYCE |
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German commercial bank Sparkassen Finanzgruppe has launched the clearing house PAYCE (Payments Clearing Europe). Through PAYCE, all state bank groups are now jointly offering their entire range of services for the handling of cashless money transactions under a single brand.
PAYCE serves as a common contact point across the EU for financial institutions within and beyond the Sparkassen Finanzgruppe. At present, the state bank groups collaborating under PAYCE already handle 50 percent of the cashless transactions in Germany, which is equivalent to 11 percent of overall European financial transaction. Approximately 70 billion cashless transactions are carried out in Europe annually, of which 16 billion take place in Germany alone. |
