Eastnets introduces SEPA Instant Payments Access as a Service

By leveraging the service, financial institutions are set to be able to integrate into Europe’s instant payment infrastructure such as TIPS and RT-1 more efficiently through Eastnets’ secure private cloud. According to Eastnets’ officials, the company’s collaboration for the infrastructure provisioning is regulated by the European Financial Regulator, with the current move representing a significant advancement in its global SWIFT Service Bureau strategy and its commitment to provide instant payment access across Europe. Also, by being an accredited SWIFT Service Bureau, Eastnets works towards mitigating the need for expensive infrastructure investments and the complexity of regulatory compliance.

Furthermore, Eastnets’ service is set to be scalable, with financial institutions receiving the ability to pay for what they need and increase or decrease their capacity to manage expanded volumes of instant payments whenever they require. In addition, representatives highlighted that the service may allow financial institutions to see a minimisation in total cost of ownership by 40 to 60% compared to on-premises solutions. Eastnets enables financial institutions to also access anti-fraud, anti-money laundering, and sanction screening capabilities as part of its offering. Considering the speed at which instant payments are conducted, this intends to support banks in reducing fraudulent activities and authorised push payment (APP) fraud.

Additionally, Eastnets’ launch of the Instant Payments Access as a Service represents an extension of the company’s capabilities and focuses on delivering a compliant, scalable, cloud-based solution that financial institutions can benefit from despite their current infrastructure. Since the start of its operations, Eastnets has expanded its operations across the UK and EU, with the company’s services currently being leveraged by 22 global central banks and nearly 200 financial institutions in the EU region.

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