Ireland’s Payac taps Nexi for SEPA instant payments solution
Payac Services CLG, an Irish payment services provider owned by credit unions, has chosen paytech Nexi to provide SEPA instant payments to “all participating credit unions in the Republic of Ireland”.
Payac taps Nexi for instant payments solution
Through the collaboration, 176 credit unions of varying sizes are set to adopt Nexi’s Instant Payments platform, enabling their members to make instant money transfers.
The Italian firm, founded in 2021, predicts that the integration of its solution will be finalised in “late 2024 ahead of the January 2025 effective date when approximately 1.8 million Irish credit union members will have access to SEPA instant payments“.
In addition, Nexi states that Irish credit unions shall also benefit from its anti-fraud offering, designed to detect and mitigate potentially fraudulent payments via real-time transaction analysis.
Established in 2016, Payac is a member-owned Credit Union Service Organisation (CUSO), which claims to represent 200 credit unions across the Republic of Ireland and Northern Ireland.
Seamus Newcombe, CEO of Payac, describes the partnership with Nexi as part of the company’s “mission to place the interests of credit unions front and centre of our business model and ensure credit unions are equipped to meet the deadlines for the implementation of instant payments in Ireland in 2025”.
“It ensures that credit unions can offer Irish consumers a competitive alternative to financial services offered by the domestic banks,” Newcombe adds.
