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Banks in the EU for ACH & Depositor Trust Accounts

We are looking to expand to the EU (Primarily Ireland right now) and our collection process is reliant on ACH and Depositor trust accounts.

We need our clients to be able to change their DDA on electronic payments to these trust accounts and us to be able to ach back to the clients.

Does anyone have any working knowledge of EU banks and if they could be able to replicate the model that we are using in the USA?

Any insight would be appreciated.  Thanks

Answers

Topic Expert
David OBrien
Title: Treasury Consultant
Company: EE Treasury
(Treasury Consultant, EE Treasury) |

Neil:

I have been working with banks in the EU for 20+ years. Before we proceed, I need some clarification:
*'trust accounts" mean different things to different users. Please define trust accounts in use for your business model.

*As to money movement, your firm is collecting its' moneies through these client trust accounts?

David

Neil Brown
Title: CFO & CIO
Company: KatalystFP
(CFO & CIO, KatalystFP) |

Sure we have a deposit trust account relationship in the US. We set up a bank account in the client's name and tax id. We are the manager/control of the account.

The client redirects their cc payments to that account and we take our % for repayment on their financing and we ach back to the client the remaining %.

Hope that clarifies? If not lets touch base to discuss further.

Kirk Westbrook
Title: VP - Tech Banking Group
Company: US Bank
(VP - Tech Banking Group, US Bank) |

Neil,

I am still not entirely clear on your question. What I believe you are asking is if a European based bank can replicate the same kind of ACH transactions to European clients as you are presetnly doing with your US clients and domestic US based bank. If that is the case, then there are European banks that could provide that service. There are also US based banks that have the ability to facilitate ACH payments internationally. We can do that throughout many Eurpoean countries for example.

Neil Brown
Title: CFO & CIO
Company: KatalystFP
(CFO & CIO, KatalystFP) |

Sure. I need to know the following.

1) Can I set up a depositor trust relationship in the EU? Open bank accounts on the behalf of clients. Our contracts get the permission to do so.

2) Can clients redirect the DDA on the credit card processing, and all other electronic payments to this account?

3) Ability to perform the same ach functions in the USA in the EU (I am not saying they don't have the ability, just need to know if I can)

4) Are the CC controlled by ISO's as they are here in the US?

Hope that makes more sense.

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