Pan-European Automated Clearing House

A pan-European automated clearing house (PE-ACH) is a clearing house that is able to settle SEPA compliant credit transfers and direct debits across the Eurozone. At present there is only one PE-ACH in operation – STEP2 – which was established by the Euro Banking Association in April 2003.

Source: Wikipedia — Pan-European Automated Clearing House (CC BY-SA 4.0)