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Eastnets launches Instant Payments Access as-a-Service to support Buna’s IPS

By Delisha Fernandes

May 09, 2024

  • Anti - Money Laundering
  • Anti fraud
  • E - Commerce
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EastnetsEastnets, a provider of financial crime and payment solutions for the financial services sector, has launched Instant Payments Access as a Service (IPAaaS), designed to enable seamless access to Buna’s cross-border Instant Payment Service (IPS).

Hosted on a secure private cloud with fully redundant systems, Eastnets’ IPAaaS ensures fast, efficient, and secure integration into the pan-Arab instant payment infrastructure. This service enables banks, across the Arab region to offer customers instant, seamless payment transactions without the need to install, operate or maintain SWIFT AGI infrastructure.

Tareq Shaheen, Director of Payment Solutions at Eastnets, said, “Our Instant Payments Access as a Service works hand-in-hand with Buna’s IPS, which has been successfully running since April 2023. Eastnets IPAaaS helps financial institutions offer fast, reliable and secure instant payments. We’re dedicated to helping the industry use Buna’s IPS to improve their operations and customer experience without the need for costly infrastructure investment.”

Eastnets IPAaaS cloud infrastructure leads to a lower cost of implementation and removes technical challenges such as set up, maintenance and operation. Financial institutions can expect to see a reduction in total cost of ownership by 40 to 60 per cent compared to on-premises solutions, which can be expensive and demanding on time and resources.

Eastnets also offers anti-fraud, anti-money laundering and sanction screening capabilities as part of the service. This is particularly important considering the speed at which instant payments happen.

The instant payments market in the Arab region is experiencing rapid growth driven by several key factors. These include the increasing penetration of smartphones, the adoption of e-commerce, and government initiatives aimed at financial inclusion and the promotion of cashless economies. With a focus on continued innovation, Eastnets IPAaaS is another example of technology helping financial institutions adapt the ever-evolving payments landscape.

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