Nexi, a prominent European PayTech company, has announced a strategic agreement with Payac Services CLG, a payment services provider owned by credit unions. This collaboration aims to introduce SEPA Instant payments to all participating credit unions across the Republic of Ireland.
Through this partnership, 176 credit unions of varying sizes will adopt Nexi’s Instant Payments platform, enabling their members to conduct instant money transfers. Additionally, credit unions will benefit from Nexi’s advanced anti-fraud service, which utilizes real-time transaction analysis to detect and manage potentially fraudulent payments. This comprehensive solution is increasingly valuable in today’s fast-paced financial environment.
“The partnership with Payac further strengthens our position as a market leader in Europe, providing excellent technological solutions. It is another fundamental step in the proliferation of digital payment solutions, consistent with Nexi’s mission. Instant payments represent a great opportunity in the continuous evolution of payment services. The growth of instant payments of 35% at a European level in 2023 will be accelerated even more by the new REGULATION (EU) 2024/886 and Nexi is perfectly equipped to support credit unions and their members in this exciting journey,” says Renato Martini, Digital Banking Solutions Director of Nexi Group.
The integration of Nexi’s Instant Payments platform into the credit union systems is scheduled for completion by late 2024, ahead of the January 2025 effective date. This will grant approximately 1.8 million Irish credit union members access to SEPA Instant payments services.
“Payac is very pleased to partner with Nexi, a leading European PayTech to deliver the SEPA Instant payment service to all participating credit unions in the Republic of Ireland. The provision of this service continues our mission to place the interests of credit unions front and centre of our business model and ensure Credit Unions are equipped to meet the deadlines for the implementation of Instant Payments in Ireland in 2025. It ensures that credit unions can offer Irish consumers a competitive alternative to financial services offered by the domestic banks,” says Seamus Newcombe, CEO of Payac.
This collaboration signifies a significant advancement for the payments sector in Ireland. By enabling instant payments and enhancing security measures, credit unions will be well-positioned to compete with traditional banks, offering consumers faster, more secure, and efficient financial services.
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