Interpay extends reach to 25 EU countries

Interpay extends reach to 25 EU countries

Dutch payments processor Interpay is expanding its SwiftNet market infrastructure - which currently connects banks in the Netherlands - to financial institutions in all 25 EU countries in readiness for the introduction of the Single Euro Payments Area (Sepa) in 2008.

Interpay says the extension of its SwiftNet Market Infrastructure Closed User Group (MI-CUG) will ensure it is ready to provide services to Swift-connected institutions in Europe as soon as the Sepa scheme goes live on 1 January 2008.

"These developments mean that Interpay will be ready to process pan-European products for its clients well in time for Sepa," says Dirco van de Pol, M&A manager, Interpay. "The SwiftNet bulk payments solution, based on SwiftNet FileAct, will give Interpay cost-effective reach, providing the right support for our Sepa strategy."

As of October 2006, Interpay will also use SwiftNet Bulk Payments for the exchange of payments files in addition to SwiftNet FIN for the exchange of single messages. Any financial institution in the EU 25 countries will be able to use Interpay low-value payment services via SwiftNet. The first pilot will start after the summer, and Interpay expects the first bank to go live with the service in October.

Commenting on the move, Alain Raes, regional director, Continental Europe, Swift, says: "This will help all Interpay participating banks to build up the reach they need throughout Europe."

Interpay said earlier this year that it was merging operations with Transaktionsinstitut, a Germany-based payments processing firm established by DZ Bank. The combined firm will provide full payment processing services in the single euro payments area.

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