Move will help to accelerate the adoption of instant payments in Europe

London, UK– At EBAday in Munich today, Finastra announced the commercial availability of its European instant payments solution on Microsoft Azure, Microsoft’s enterprise-ready, trusted cloud platform.

The solution enables financial institutions and third-party providers to process SEPA SCT Inst payments in the cloud, via EBA CLEARING’s pan-European instant payments service, RT1.

Vinay Prabhakar, Head of Market Strategy, Payments at Finastra, said, “We are bringing financial institutions and third-party providers – and, by extension, their consumer and corporate clients – our European instant payments solution in an easily consumable and cost-effective cloud-based package. Finastra’s mission is to create an open platform for collaboration and innovation in financial services, and support for instant payments is a core component of our approach.”

Powered by Fusion Global PayPlus, Finastra’s payment hub technology, the solution is hosted and managed on Microsoft’s proven and trusted cloud platform. Finastra customers are able to enjoy the competitive advantage delivered by the world’s leading instant payments platform, combined with the rapid time-to-market, security, and scalability of cloud provisioning.

Janet Lewis, Vice President of Worldwide Financial Services at Microsoft Corp. said,  “The demands of instant payments – sub-second response times, 24x7x365 availability, and secure transmission – are ideally suited to the capabilities of Microsoft Azure. We are pleased that European payment service providers will now be able to access Finastra’s instant payments solution in a manner that reduces cost of ownership and simplifies solution updates – all while ensuring the specific security, privacy and compliance needs of instant payments are met.”