CGI announced Wednesday (March 1) the launch of a new, real-time Single Euro Payments Area (SEPA) instant credit transfer solution.
In a press release, CGI said the new solution was developed by a team of CGI experts who are based in the Czech Republic. The solution was created for banks and payment service providers in Europe that want to implement SEPA instant credit transfers, as defined by the European Payments Council’s SEPA Instant Credit Transfer (SCT Inst) Rulebook.
“We are introducing this solution in response to wide interest by banks and payment service providers across Europe in the SCT Inst scheme,” said CGI’s Jerry Norton , VP, Global Financial Services, in a press release announcing the new service. “Enabling our financial services clients to adopt real-time payments quickly and at low cost is a key driver behind CGI’s payments modernization strategy. We are now able to provide our clients with a high performance solution that supports full real-time processing while minimizing the impact on existing bank payment infrastructures and core banking systems.”
CGI’s SEPA Real-Time (SRT) solution connects to EBA CLEARING’s pan-European instant payment infrastructure service. CGI is a “Front Runner Provider” within the EBA CLEARING Technical Service Provider Program. As a Front Runner Provider, CGI’s financial services clients across Europe will be among the first to have access to instant credit transfer technology for both their corporate and consumer customers. It is expected that other SCT Inst clearing and settlement mechanisms (CSMs) will be supported by CGI SRT as they come to market, the company said in the press release.
With the new service, banks and payment providers get access to a real-time payment service 24 hours a day, 7 days a week. It includes options such as CGI’s Protect the Bank solution, which provides anti-money laundering and real-time fraud protection through transaction monitoring. CGI SRT uses state-of-the-art (open source) technologies, eliminating the high costs associated with third-party licenses.