Hi ,

With the EU’s Instant Payments Regulation deadline looming, financial institutions face a critical challenge: how to balance robust security and regulatory compliance with delivering an exceptional customer experience.

Instant payments promise convenience and speed, but they also open doors to sophisticated fraud and regulatory hurdles. As banks race to secure their systems and comply with stringent regulations, they must also ensure their customers enjoy a seamless and positive experience.

With this in mind, Eastnets has launched a new SEPA Instant Payments Access-as-a-Service. The service will allow banks to start offering instant payments quickly, while also providing them with advanced anti-fraud, anti-money laundering and sanction screening tools. Not only will this mean that customers are able to make instant SEPA payments 24/7, 365 days a year, but the integration of these advanced security features will keep payments safe and protected from fraud.

A full press release on this follows below and a spokesperson is available for interview.

Please let me know if you have any questions.

Many thanks,

Aaron

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PRESS RELEASE

Eastnets to launch SEPA Instant Payments Access-as-a-Service

• Compliance of the cloud Operating model with EU financial regulations 
• Top5 SWIFT Service Bureau compliant with the SWIFT Shared Infrastructure Program
• 40-60% reduction in Total Cost of Ownership vs on-premises implementation
• Fast Time to Market, rapid onboarding on Instant Payment networks

Luxembourg, 13th June 2024: Eastnets, a global provider of compliance and payment solutions for the financial services sector, is launching an Instant Payments Access as a Service for SEPA Credit Transfers Instant (SCT Inst) as part of its long-standing, global SWIFT service bureau offering.

The service, hosted in partner data centres located in Luxembourg, complies with the SWIFT Shared Infrastructure Programme and the European regulations for the financial sector.

Launching an instant payment service with Eastnets cloud means fast time-to-market, and a competitive edge for financial institutions, addressing their compliance needs quickly and reliably, without the complexity of traditional setups.

The service will allow financial institutions to integrate into Europe’s instant payment infrastructure like TIPS and RT-1, easily and quickly via Eastnets’ secure private cloud. “Our partnership for the infrastructure provisioning is fully regulated by the European Financial Regulator. This is a major milestone in our global SWIFT Service Bureau strategy, to offer Instant payments access across Europe”, says Marie-Christine Diaz, Business Development Manager, Europe. “As an accredited SWIFT Service Bureau, we remove the need for costly infrastructure investments and the burden of the regulatory compliance.”

The service is also highly scalable, so financial institutions only pay for what they need, and can increase or decrease their capacity to handle greater volumes of instant payments at any time. 

Commenting on the launch, Tareq Shaheen, Director of Payment Solutions at Eastnets says,

“Financial institutions can expect to see a reduction in total cost of ownership by 40 to 60 per cent compared to on-premises solutions, which can be expensive and demanding on time and resources.” Financial institutions can also access market leading anti-fraud, anti-money laundering and sanction screening capabilities as part of the service. This is particularly important considering the speed at which instant payments happen and the fact that banks will be liable for reimbursing victims of authorised push payment (APP) fraud.

Anas Jaber, Group Director Cloud said, “For more than 20 years, Eastnets has made it easy for financial institutions to access the SWIFT network and stay ahead of the rapidly evolving financial landscape. Our new Instant Payments Access as a Service is a natural extension of our capability, offering a compliant, scalable, cloud-based solution that financial institutions can benefit from, regardless of their current infrastructure.”

Since 2007, Eastnets has been a key player in financial services in Europe. Today, with operations spread across the UK and EU, Eastnets is the trusted choice for 22 global central banks and almost 200 financial institutions in the EU region.

ENDS

About Eastnets

Eastnets is a global provider of compliance and payment solutions for the financial services sector. Through our experience, expertise and technology we enable safe and secure participation in the global financial economy for over 800 financial institutions globally, including 15 of the top 50 banks, and 22 of the world’s Central Banks. For more than 40 years, we’ve worked to keep the world safe and secure from financial crime. We do this by helping our partners manage risk through Sanction Screening, Transaction Monitoring, analysis, and reporting, plus industry leading consultancy and customer support.

www.eastnets.com

Further information

eastnets@fivenot10.co.uk

jana.caveayland@fivenot10.co.uk +44 7495 873434

patrick.southwell@fivenot10.co.uk +44 7780 784 819