EACT and TWIST announce collaboration regarding the implementation of SEPA and CAST

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London and Paris – 22 November 2006 – The EACT is pleased to announce the signing of a Memorandum of Understanding (MoU) withTWIST, to provide a framework for co-operation between them. The MoU will focus on the EACT’s market initiative, CAST (Corporate Action on Standards), cooperation for the implementation of the Single Euro Payment Area (SEPA) and the development of otherinternational payment standards.

The EACT will not develop new standards, rather, as a result ofCAST projects, will deliver recommendations on existing standards and requirements for newones in areas such as the Supply Chain and Trade Financing. TWIST will be able to use theserequirements in designing new standards in a flexible and non-proprietary way.

The advice of both organisations is regularly sought by the EU Commission and the EuropeanCentral Bank. The agreement acknowledges the complementary nature of each organisation’srole and both organisations agree to consult and challenge their respective points of view andcoordinate positions, whenever possible.CAST includes projects to encourage greater standardisation and process automation in bank-to-corporateand corporate-to-corporate communications across the whole financial supply chain.

CAST is looking specifically at business models, best practices and standardization in the area ofremittance information (and e-reconciliation), digital identity and e-invoicing. The objective is todefine end-user requirements in these areas, compare them with any existing standards to detect shortcomings and identify ‘best of breed’ solutions whenever a single solution is not practical orfeasible. In addition, CAST addresses the specific issue of interoperability between EBPP operators and Certification Authorities in Europe.

TWIST is focused on the innovation and standardisation of the processes to deliver the requirements of corporates. Tom Buschman, Chairman of TWIST, commented: “Individual members of the EACT and the national treasury associations have provided a significant contribution to the development of TWIST standards for supply chain and treasury automation.We are very pleased with formalising the relationship with the EACT, acknowledging the importance of the EACT in representing the view of corporate treasurers in Europe. Within the context of SEPA, this collaboration allows the two organisations to accelerate their aligned effortsin supporting a corporate-driven implementation of SEPA in the coming years.”

Pierre Poncet, the EACT Chairman commented on this important development: “The EACT is happy to sign this MoU with TWIST to establish increased cooperation for CASTand SEPA. We believe the agreements will give the market a strong message of unity andreinforce the EACT approach. The EACT is keen to ensure that, through this MoU, activities inareas to be standardised will be increasingly driven by the requirements of corporates. The CASTprojects, which will provide strong support for SEPA implementation in European corporates, willoffer the opportunity to compare business models, user requirements, data and message formatsof existing standards, share information and exchange points of views on all major issues.”

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