Clearstream, EastNets partner on SEPA in SaaS mode

The new SEPA in SaaS solution enables financial institutions and corporates to reduce the timeline for the implementation. EastNets’ XML payment messaging hub en.PaymentSafe 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. The messaging hub also processes other payment messages flows such as SWIFT MT for foreign currencies.

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.

Clearstream provides the post-trade infrastructure for the Eurobond market and services for all major asset classes with access to more than 53 domestic markets worldwide. Clearstream’s customers comprise almost 2,500 financial institutions in more than 110 countries.

EastNets is a global provider of compliance and payments solutions for the Financial Services industry. The company develops and implements standardized and individual solutions against financial crime, and for risk management, monitoring, analysis, reporting and consultancy and customer support.