As of November 2017, European Payment Service Providers (PSP) will be able to rely on EastNets for connectivity to EBA Clearing's pan-European Instant Payment platform according to the go-live schedule of the new SEPA Instant Credit Transfer Scheme launched recently by the European Payment Council (EPC).
EastNets a global innovator and provider of compliance and payment solutions to SEPA financial institutions, is now an EBA frontrunner technical services provider. EastNets can now enable banks to provide EBA Clearing’s Instant Payment Service, as well as offer clients a comprehensive set of solutions and services for integrating the SEPA Instant workflow according to the EPC rulebook.
The "frontrunner technical service providers" label has been introduced by EBA Clearing to accelerate the technical onboarding and connection process of Banks connecting to EBA Clearing's pan-European real-time payment infrastructure.
This is especially critical in this early adoption phase. Unlike existing SEPA Credit Transfer and Direct Debit schemes, which are mainly batch processing and next day settlement driven, SEPA Instant Credit Transfer scheme, is a technical real-time challenge for Banks.
Instant payments are the retail industry’s main focus in the EU now and probably will remain for years to come. Performing a SEPA Instant end2end transaction with banking counterparts on the EBA clearing network in less than 20 seconds requires the banks to revisit their payment back-office infrastructure and workflow to meet the EPC rules and to interoperate seamlessly with the EBA Clearing real time network.
"Frontrunner Technology Service Providers (TSP) play a vital role in the broad adoption of instant payments across Europe by helping to facilitate connectivity to our pan-European infrastructure solution from the launch date on," said Erwin Kulk, Head of Service Development and Maintenance at EBA Clearing. "Their support is a key component of the major industry effort to make instant payments a reality for European businesses and consumers."
"EastNets is delighted to participate in the Frontrunner TSP program of EBA Clearing and excited to work with financial institutions throughout the European Union to help them realize the benefits of instant payments," said Hazem Mulhim, CEO of EastNets.
It was in 2013 that EastNets first offered its services for the launch of SEPA as a cloud service; today, the company’s payment hub solution, en.PaymentSafe, can be deployed on customer premises or as a trusted cloud service.
The solution offers financial institutions fast and efficient connectivity to the SEPA Instant Credit Transfer Scheme. EastNets has proven real-time payment capabilities that integrate with any banking environment, reducing risk and speeding up time-to-market.”
EastNets® is a global innovator and provider of compliance and payments solutions in the Financial Services industry. Over the past 30 years, EastNets has built distinctive expertise to develop and implement standardized payment solutions, anti-financial-crime and risk management solutions.
EastNets’ 1000-client base includes some of the largest global financial institutions. They rely on its solutions and professional services. The company serves over 300 companies and financial institutions for the SWIFT connectivity and compliance solution, made available as a service through its fully managed service bureaus.
EBA Clearing is a provider of pan-European payment infrastructure solutions. The Company was founded in 1998 and is owned by 53 major banks operating in Europe. EBA Clearing manages the large-value payment system EURO1, as well as STEP1, a payment service for commercial transactions, and STEP2, a pan-European payment infrastructure platform for retail payments in euro, providing full reach to all financial institutions across Europe processing credit transfers and direct debits in euro. More than 4,800 financial institutions in all SEPA countries are reachable via STEP2.