Dion has released its offering for financial institutions that are looking to speed up their payment capabilities.
Dion Global Solutions announced this week the release of Real Time Payment Engine (RTPE), a tool to support real-time payments while remaining compliant with European regulations. The company cited the European Payment Services Directive, ready to take effect in 2018.
According to Dion, the solution can support real-time payments via corporate and internet banking, mobile banking solutions or in-branch transactions and supports the ISO 20022 standard. The solution was developed to be compliant with new EU rules and built on the company’s SEPA Gateway platform, which aims to reduce friction in cross-border EU payments across currencies.
“The PSD2 directive requires banks to rework the payment processing cycle and implement a far more efficient and quicker method,” explained Dion Chief Technology Officer Andreas Wagner in a statement. “Using Dion’s messaging technology, X-Gen, our RTPE application is a real-time payment hub that will support banks to comply with the upcoming payment initiatives.”
“We provide a cost-efficient solution as it embeds into the existing application and process landscape,” he continued. “Due to its modularity, customers can select only what they really need to improve efficiency.”
SEPA, or Single Euro Payments Area, is an aspect of the PSD2 directive that requires nations across the eurozone to adopt new processes to streamline pan-European payments. The initiative also focuses on enhanced data collection. But Europe isn’t the only jurisdiction headed towards real-time payments capabilities; the U.S. is similarly on its way, while other nations have signaled readiness for their own adoption of real-time cross-border payments capabilities.