IT managed services company Clearstream Services IT and payment solutions provider EastNets have joined forces to offer a single euro payments area (SEPA) solution in software as a service (SaaS) mode.
The companies commented that recent reports from the European Payment Council (EPC) and the European Central Bank (ECB) indicate readiness gaps in many countries and particularly for corporate and medium/small size financial institutions (FIs). This is despite the steadily progressing migration across Europe of payment market infrastructures to the SEPA framework and standards.
For many FIs and corporates, the migration to SEPA is still a stretch in terms of resources, cost and time and the challenge to meet the 1 February 2014 deadline for SEPA compliance is growing daily.
The new SEPA in SaaS solution enables financial institutions and corporates to reduce significantly the timeline for the implementation and go live cycles of any migration from several months to a few weeks. It also simplifies and accelerates the migration process, by reducing the impact on existing IT infrastructure and back office applications so customers meet looming compliance deadlines and still deliver higher levels of service with fewer resources.
“Our SEPA in SaaS solution is designed to coexist seamlessly with a range of other on-demand financial services from the well-established EastNets and Clearstream Services IT team,” the partners added in a statement
“Services include anti-money laundering (AML) filtering and profiling and financial transaction reporting based on en.SafeWatch. Customers can also integrate these with Clearstream Services IT’s SWIFT service bureau [SSB], providing connectivity capabilities developed in-house by one of the top 10 SWIFT users worldwide.”
The new solution will have its financial industry world premiere at SIBOS in Dubai, from 16 to 19 September.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.