Payments Network EMQ Adds SEPA Credit Transfers

In a move designed to expand its reach in Europe, payments network EMQ says it has added SEPA (Single Euro Payments Area) instant credit transfer capabilities to its network.

EMQ announced the change Wednesday (Jan. 26), saying it lets global enterprises send funds instantly in euros to a wider set of accounts in Europe.

“Customers are at the center of our strategy as we continue to deliver an integrated payments platform with increased speed, transparency, and certainty, which are vital requirements for making and receiving international payments,” EMQ Global Head of Networks and Expansion Steven Liu said in a news release. “This will help our customers respond faster to the demands of today’s global marketplace.”

The extended capabilities allow global businesses and their customers to send and receive up to 100,000 euros within minutes under the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).

“The payment landscape is fast evolving with a growing demand for secure instant payments. EMQ will continue to invest and expand our global payout capabilities that allow our enterprise customers to quickly react to market changes and stay ahead of the competition,” Liu added.

Headquartered in Hong Kong and London, EMQ’s payment network services clients across Europe and the U.K., as well as 10 countries in Asia and 19 African markets. The company says it has expansions underway in the U.S., Latin America and Canada.

Read more: Crypto Exchange KuCoin to Allow SEPA Payments

SEPA is a European Union initiative backed by the European Commission, the European Parliament, the EPC and the European Central Bank.

Earlier this week, crypto exchange KuCoin announced it has begun integrating SEPA payments for its users. KuCoin says the new system allows users from the 36 SEPA member states to deposit euros into their accounts or use it to purchase cryptocurrency assets through KuCoin’s Fast Buy option.