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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"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."

 

Related articles

ECB warns against risks of late migration to SEPA

Eurozone businesses must migrate to SEPA standards