Nexi, the European PayTech, has reportedly signed an agreement with Payac Services CLG, a credit union owned payment services provider, to deliver SEPA Instant payments to all participating credit unions in the Republic of Ireland.
As a result of this partnership, 176 credit unions of all sizes “will use Nexi’s Instant Payments platform which will allow credit union members to make instant money transfers.”
In addition, credit unions will benefit “from Nexi’s anti-fraud service, which is designed to identify and manage potentially fraudulent payments through real-time analysis of transactions.”
A broad and complete solution, therefore, “increasingly indispensable in an instant world.”
Renato Martini, Digital Banking Solutions Director of Nexi Group said:
“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 @35% at a European level* in 2023, will be accelerated even more by the new regulation and Nexi is perfectly equipped to support credit unions and their members in this exciting journey.”
The integration of Nexi’s Instant Payments platform “into the Credit Union systems will be completed in late 2024 ahead of January 2025 effective date when approximately 1.8 million Irish credit union members will have access to SEPA Instant payments service.”
Seamus Newcombe, CEO of Payac said:
“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. It ensures that credit unions can offer Irish consumers a competitive alternative to financial services offered by the domestic banks.”
