Significant progress is being made on cross-border banking procedures. The STEP2 initiative from the Euro Banking Association (EBA) is the latest and most widely-adopted clearing system for bulk payments. Enterprises with assets and accounts in Europe must become STEP2-compliant in order to efficiently do business there.

Financial Messaging's Tower of Babel

Local payment systems within European countries have traditionally been closed, proprietary networks. As the evolution of the European Union (EU) has driven increased transnational trade, the need for more efficient cross-border transaction infrastructure has grown.

A sophisticated messaging infrastructure is required to support inter-institutional and cross-border transactions. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the industry-owned cooperative that provides secure messaging services and software...