London-based BIN sponsor, Moorwand has launched access to SEPA Initiative for its Digital Banking Service customers. The supplier stated that this development is expected to connect Moorwand’s client base i.e. issuers to an initiative for cross-border transactions across 36 participating nations including EU member states and EEA members.

“Innovation is vital if new services are going meet the needs of ‘I want it now’ digital natives,” said Robert Courtneidge, CEO of Moorwand. “However, as consumer fintech has boomed, so has the demand for more intuitive, imaginative financial services, as well as convenient access to now ‘tablestakes’ services like cross-border payments. But consumers cannot stand friction – if a wire transfer across the continent isn’t fast or seamless – they won’t wait, they will simply walk.”

According to the supplier, the new service adds to its Digital Banking payment solutions which include Faster Payments, BACs, and Direct Debits. This is expected to assist its customers in meeting demands for cross-border payment options and provide a convenient and varied range of banking services.

Robert continued, “Moorwand is helping its customers meet these building pressures to deliver with deep regulatory knowledge to build services firmly anchored in compliance but at the edge of innovation. With access to Faster Payments, BACs, Direct Debits and now SEPA from a single compliant connection, our customers will be able to offer a fuller range of payment options to an increasingly demanding set of consumers and in an age of continuous innovation.”

Established in 2013 in the UK, Moorwand offers end-to-end payment solutions to merchants and customers in the EEA. It is a BIN sponsor, issuer and acquirer that aims to provide agile and dynamic programmes for reducing payment frictions while simultaneously ensuring compliance.

by Megha Bhattacharya
Market Analyst at IBS Intelligence