UK-based financial technology company Finastra has announced that its European instant payments solution has been made commercially available on Microsoft Azure, its cloud platform.

Finastra solution, through EBA CLEARING’s pan-European instant payments service RT1, allows the financial institutions and other providers process SEPA SCT Inst payments in the cloud.

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The solution is powered by Finastra’s payment hub technology Fusion Global PayPlus.

Finastra Payments head of market strategy Vinay Prabhakar said: “We are bringing financial institutions and third-party providers – and, by extension, their consumer and corporate clients – our European instant payments solution in an easily consumable and cost-effective cloud-based package.

“Finastra’s mission is to create an open platform for collaboration and innovation in financial services, and support for instant payments is a core component of our approach.”

Following the availability on Microsoft platform, Finastra customers will be able to utilise the benefits of the instant payments platform with the advantages of cloud services including swift time-to-market, security and scalability.

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Finastra was established last year following the combination of Misys and D+H. The company caters globally offering various types of financial services across retail banking, transaction banking, lending and capital market sectors.

Microsoft Worldwide Financial Services vice-president Janet Lewis said: “The demands of instant payments – sub-second response times, 24x7x365 availability, and secure transmission – are ideally suited to the capabilities of Microsoft Azure.

“We are pleased that European payment service providers will now be able to access Finastra’s instant payments solution in a manner that reduces cost of ownership and simplifies solution updates – all while ensuring the specific security, privacy and compliance needs of instant payments are met.”