Payment provider EastNets and Clearstream IT Services have launched a cloud-based software as a service solution (SaaS) for the single European payments area (SEPA).
Reports from the European Payment Council and European Central Bank indicate many medium to small financial institutions will struggle to meet the February 2014 deadline for SEPA compliance, despite the Europe-wide development of payment infrastructures to the SEPA framework and standards.
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Hazem Mulhim, CEO of EastNets, said: "SEPA in SaaS mode marks an important step towards achieving an integrated payment framework for the whole of Europe.
"Aside from dramatically improving availability and reducing the overhead related to SEPA adoption, the services we offer are backed by the proven expertise of both Clearstream Service IT and EastNets. Institutions lagging behind SEPA compliance are sure to welcome this development."
Clearstream and EastNets claim that their solution simplifies and accelerates the migration process by reducing the strain on pre-existing IT infrastructure.
Sean Chinnock, senior executive in financial industry IT services at Clearstream IT Services, said: "Our joint SEPA solution with EastNets achieves a new step in the growth of our product portfolio dedicated to the financial industry.
"We are pleased to support the market with a top rank solution that helps it meet the SEPA deadlines and improve levels of straight-through processing."
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