Jul 24, 2018
Thanks to Sopra Banking Software, several European banks can access STET’s Instant Payment interbank exchange system
Paris, 24th July 2018 – Instant Payment, officially launched in November 2017, is a new immediate means of payment that enables users – businesses and consumers alike – to make instant transfers in less than 10 seconds across Europe.
STET, a bulk payments clearing system operator for the French and Belgian market, has implemented an Instant Payment platform. Many banks have chosen to connect to this system using Sopra Banking Software’s new solution which was specially designed and developed for this purpose.
STET’s central role in Instant Payments
The world of payments is focused on Instant Payments and they require significant changes in banking information systems and the full value chain: from payment order acquisition to completion. Transfers between banks are central to these systems. Leading CSMs (Clearing Settlement Mechanisms) like STET provide this interconnection. STET manages interbank exchanges in France and in Belgium by ensuring interoperability with other CSMs so as to connect banks from other countries.
A solution developed by Sopra Banking Software to access STET’s services
As part of Instant Payment roll out, Sopra Banking Software has developed a comprehensive offering, including a CSM connection solution: Instant Payment Clearing Exchanges (IPCE). This solution was designed in close cooperation with STET. In France, Crédit Mutuel Arkéa and Transactis (for its customers Société Générale and La Banque Postale) have already chosen this solution. IPCE is also provided in Belgium as a hub hosted by Sopra Steria; several Belgian banks will use it including Argenta, Nagelmackers and Crelan.
“We are happy with Sopra Banking Software’s initiative. Thanks to this cutting-edge tool, implementing Instant Payments will be greatly facilitated for banks who will then be able to offer the service level and speed required to manage Instant Payment flows” said Rodolphe Meyer, Marketing & Business Development Director, member of executive committee of STET.
Joel Saad, Deputy Head Customer Client Officer at Sopra Banking Software, added “At Sopra Banking Software we are extremely proud to support Belgian and French banks and help them to access STET’s services – whose ambition stretches far beyond simple flow exchanges”.