Press Release: STET’s New Pan-European CSM goes live
STET, European payment processing leader, is happy to announce the successful launch of its new pan-European platform SEPA.EU.
The new platform became operational on Monday 21st November 2016, with the successful migration of the French banking community’s SEPA Direct Debits (SDD Core and SDD B2B) on to the new SEPA.EU platform.
This new platform is a first step for STET company towards servicing a pan-European market. The new CSM will operate alongside the existing multi-CSM platform currently hosting national banking communities and delivering processing services for non-SEPA transactions such as card clearing and cheques. Following this first step, the SEPA.EU infrastructure is scheduled to receive the French banking community’s migration of SEPA Credit Transfers in 2018.
The SEPA.EU platform will further host STET’s Instant Payments CSM currently under development and scheduled for live operations in November 2017 with the launch of the EPC’s SCTinst Scheme.
This major project will allow the European market to access, through a single connection, a pan-European infrastructure for the processing, clearing and settlement of transactions for all the SEPA schemes. Processing services for non-SEPA schemes including card clearing are also offered.
SEPA.EU is open to any PSP in the SEPA as Direct or Indirect Participant and offers a highly efficient, robust and cost effective solution for SEPA scheme processing. SEPA.EU offers access through different networks including SWIFT and the file and message formats are in international market standard.
“We are delighted with this major step in our pan-European strategy. Despite the challenge of delivering a future technology-oriented new platform and the pressure of running multiple projects in parallel, SEPA.EU was launched on the planned date. It illustrates STET’s project delivery capacity as well as the support received from the bank participants involved in this project” said Jean-Marie Vallée, CEO of STET.