News and resources on payments systems, innovations and initiatives worldwide.

Paynet taps Clear Junction for cross-border payments

Source: Clear Junction

Clear Junction (London, UK) has today announced it is providing solutions to Paynet which helps to facilitate its vision for cross-border payment services, specifically from Europe into Moldova.

Paynet is the first electronic wallet platform in Moldova. It operates one of the most complex payments services on the Moldovan market, which connects consumers, financial institutions and merchants. It specialises in facilitating domestic payments where both individuals and businesses can pay for a range of different services.

The newly announced partnership with Paynet is another example of how Clear Junction’s correspondent account service can help regional payment operators in Eastern Europe. It is indicative of the company’s strategy to become the leading payments solutions provider for regional financial institutions. Importantly, by partnering with Clear Junction, Paynet will enable individuals based in Moldova to receive funds from their friends and family members based in Europe.

Clear Junction’s existing payments infrastructure connects Paynet to European payment networks, such as SEPA and SEPA Instant. Ultimately, this enables Paynet to facilitate payments for the vast Moldovan diaspora of migrant workers and international students, whose transfers to and from their home country have typically been a challenge when using traditional banking channels. Thus, Paynet is able to provide improved remittance services that are simple and more cost-effective than has previously been the case.

“By partnering with Clear Junction, we are able to provide SEPA payment options to all Moldovans residing in the eurozone, who will be able to make euro payments as simply, safely and cheaply as national payments - there will be no difference between sending a payment from London to Chișinău or from Bălți to Rome,” says Calin Gryadchenko, Chief Executive at Paynet Services. “An important milestone for Paynet has been reached today with the launch of SEPA payments through Clear Junction. We can make direct payments across Europe, as if no borders existed.”

“Clear Junction is delighted to be helping Paynet achieve its aim to provide effective cross-border payment services into Moldova,” explains Dima Kats, Chief Executive of Clear Junction. “By utilising our existing infrastructure and access to payment rails and networks, Paynet is able to better serve people in the Moldovan region. We look forward to developing the relationship further in the future, specifically to enable Moldova-based businesses to pay partners in Europe for a range of goods and services.”

Comments: (0)