Payac & Nexi bring instant payments for credit unions in Republic of Ireland

By Gloria Mathias

Nexi, the European PayTech, signs an agreement with Payac Services CLG, a credit union-owned payment service provider, to deliver SEPA Instant payments to all participating credit unions in the Republic of Ireland.

As a result of this partnership, 176 credit unions of all sizes will use Nexi’s Instant Payments platform, which will allow credit union members to make instant money transfers. In addition, credit unions will benefit from Nexi’s anti-fraud service, which is designed to identify and manage potential fraudulent payments through real-time transaction analysis.

“The partnership with Payac further strengthens our position as a market leader in Europe, providing excellent technological solutions. It is another fundamental step in the proliferation of digital payment solutions, consistent with Nexi’s mission. Instant payments represent a great opportunity in the continuous evolution of payment services. The growth of instant payments at 35% at a European level in 2023 will be accelerated even more by the new regulation. Nexi is perfectly equipped to support credit unions and their members in this exciting journey,” shared Renato Martini, Digital Banking Solutions Director of Nexi Group.

The integration of Nexi’s Instant Payments platform into the Credit Union systems will be completed in late 2024, ahead of the January 2025 effective date, when approximately 1.8 million Irish credit union members will have access to the SEPA Instant Payments service.

“Payac is very pleased to partner with Nexi, a European PayTech, to deliver the SEPA Instant payment service to all participating credit unions in the Republic of Ireland. The provision of this service continues our mission to place the interests of credit unions front and centre of our business model. It ensures that credit unions can offer Irish consumers a competitive alternative to financial services offered by the domestic banks,” said Seamus Newcombe, CEO of Payac.