Finastra’s European instant payments solution is now on Microsoft Azure, Microsoft’s cloud platform.
The solution enables financial institutions and third-party providers to process single euro payments area (SEPA) credit transfer (CT) instant payments in the cloud, via EBA Clearing’s pan-European instant payments service, RT1.
According to Finastra, the move will help to accelerate the adoption of instant payments in Europe.
Powered by Fusion Global PayPlus, Finastra’s payment hub technology, the solution is hosted and managed on Microsoft’s cloud platform. The payment hub also offers rapid time-to-market, security, and scalability of cloud provisioning.
The partnership was announced at EBAday in Munich.
Vinay Prabhakar, head of market strategy and payments at Finastra, said: "We are bringing financial institutions and third-party providers—and, by extension, their consumer and corporate clients—our European instant payments solution in an easily consumable and cost-effective cloud-based package.”
He added: “Finastra’s mission is to create an open platform for collaboration and innovation in financial services, and support for instant payments is a core component of our approach.”
Janet Lewis, vice president of worldwide financial services at Microsoft, commented: “We are pleased that European payment service providers will now be able to access Finastra’s instant payments solution in a manner that reduces cost of ownership and simplifies solution updates—all while ensuring the specific security, privacy and compliance needs of instant payments are met.”
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