Clearstream Services IT, the leading provider for IT Managed Services and on-demand financial solutions, joins forces with EastNets, the leading global provider of compliance and payment solutions for the financial industry, to offer a Single Euro Payments Area (SEPA) solution in SaaS mode.
Recent reports from the European Payment Council and the European Central Bank indicate readiness gaps in many countries and particularly for corporate and medium/small size financial institutions. This is despite the steadily progressing migration across Europe of payment market infrastructures to the SEPA framework and standards. For many financial institutions and corporates, the migration to SEPA is still a stretch in terms of resources, cost and time and the challenge to meet the February 2014 deadline for SEPA compliance is growing every day.
The new SEPA in SaaS solution enables financial institutions and corporates to reduce significantly the timeline for the implementation and go live cycles of any migration from several months to just a few weeks. It combines Clearstream Services' market-trusted IT capabilities in managing complex and secure ICT infrastructures and EastNets' long-standing payments expertise to efficiently deliver a quality solution, reliably and in the shortest timeframe.
SEPA in SaaS simplifies and accelerates the migration process, by reducing the impact on existing IT infrastructure and back office applications so customers meet looming compliance deadlines and still deliver higher levels of service with fewer resources.
EastNets' unique XML payment messaging hub, en.PaymentSafe, efficiently transforms, validates and automates payment flows from back office to the SEPA market infrastructure for both SEPA credit transfer and direct debit workflow in compliance with EPC rulebooks. Customers also benefit from the very high levels of virtual and physical security provided by Clearstream Services IT who fully hosts and manages this unique technology solution in its secure datacenters in Luxembourg.
The messaging hub also processes other payment messages flows such as SWIFT MT for foreign currencies.
"Our SEPA in SaaS solution is designed to coexist seamlessly with a range of other on-demand financial services from the well-esstablished EastNets and Clearstream Services IT team. Services include Anti-money laundering (AML) filtering and profiling and financial transaction reporting based on en.SafeWatch. Customers can also integrate these with Clearstream Services IT's SWIFT Service Bureau, providing connectivity capabilities developed in-house by one of the top 10 SWIFT users worldwide," the partners explained.
This Clearstream Services IT and EastNets joint solution for SEPA in SaaS mode will have its financial industry world premiere at SIBOS in Dubai, from 16 to 19 September.