Equals joins Single Euro Payment Area network
Equals Group plc (LON:EQLS), a technology-led international payments group focused on the SME marketplace, announces that, via its subsidiary Spectrum Payment Services Limited (SPS), the Group has been accepted by the European Payments Council (EPC) to join the SEPA Instant and SEPA Credit Transfer schemes for Euro payments.
Connecting to the SEPA schemes will allow Equals customers to receive instant Euro credits to their “own-name multi-currency IBAN” and instantly send Euro payments to other scheme members.
Joining SEPA is another key step in the Group’s strategy to integrate to payment networks, thereby speeding up movement of funds for its customers and improving their working capital management. Direct integration also allows the Group to maintain control over the customer experience and reduce reliance on third parties, thereby eliminating costs and improving reliability.
Integration with SEPA, combined with Equals’ direct membership of the UK’s Faster Payments Scheme, means that all transactions in the key currency pair of GBP/EUR become instant for Equals customers.
James Simcox, Chief Product Officer, said:
“We are delighted to be live on both SEPA Instant and SEPA Credit Transfer and are excited for the real value this will drive for our customers. Businesses today are operating 24/7 and these new SEPA capabilities deliver payments for those customers in real time when they need them. We are very excited about the new products we can deliver to our customers on these payment rails, particularly in the Equals Solutions space.
It is a testament to the highly flexible technology platform we have built that we have been able to deliver connectivity to this new payment network in under six months.”
Ian Strafford-Taylor, Chief Executive Officer, said:
“Integration to another payment scheme demonstrates our ongoing commitment to direct connectivity and rapid movement of funds. This development is in line with the Group’s objective to continue to improve our efficiency and scale, driving down our cost base and exploring new revenue opportunities as a leading fintech.”