EastNets teams up with Bankingblocks, for faster cross-border payments.

EastNets teams up with Bankingblocks, an Amsterdam-based wholesale banking provider for fintech and payment companies, showcasing SWIFT and SEPA modular banking blocks for faster cross-border payments.

During the Merchant Payments Ecosystem Conference (MPE) in Berlin (19-21 February 2019), Bankingblocks and EastNets, a leading global provider of compliance, payment and cloud solutions for the financial services industry, will showcase modular banking blocks for SEPA and SWIFT payments using EastNets PaymentSafe and SafeWatch Filtering Solutions to make SEPA and SWIFT payments fast, cost-effective, seamless and compliant with AMLD4 regulations. 

MPE provides Bankingblocks and EastNets with a global platform to jointly discuss how its cutting-edge solutions can help fintech, payment providers and corporations deploy rapidly and seamlessly into a full SEPA-SWIFT workflow, which is compliant with the 4th AML directive, that has been in effect in 28 EU countries since June 2017.

SEPA Instant

Next, to SEPA Direct Debit and Credit Transfer, they provide fintech and payment companies with help to process their cross-border payments. In November of 2017, the European Payment Council launched a new SEPA Instant scheme with the ambition to radically transform the customer and merchant payment experience, performing P2P, P2B and B2B payments in less than 10 seconds across the European Union. SEPA Instant is now operational within 14 European countries with more than 1000 connected banks and PSPs. It is also the first instant payments scheme to become interoperable in a region as large as Europe, counting 34 countries with great demand from Merchant, Corporate and Personal users.

A scheme of such magnitude poses both technological and performance-related challenges for users. Moreover, SEPA Instant will raise new real-time operational challenges for the compliance teams, and merchants and PSPs will need to ensure full compliance with the 4th AML Directive, as well as address the risk challenges of real-time screening against AML/CTF sanction lists.

The instant availability of transferred funds, the expected high transaction volumes, and the uninterrupted 24/7/365 operation really show entirely new requirements for the processing systems of merchants and corporates.

Cutting-edge technology

EastNets’ cutting-edge technology for SWIFT and SEPA payments and compliance, allows Bankingblocks to offer modular banking services (“blocks”) with SWIFT and SEPA payments, controlled risk and AMLD4 compliance for fintech and payment companies

Hazem Mulhim, CEO, EastNets: “We believe that our cooptation with Bankingblocks adds great value to FinTechs, payment providers and corporations and allows them to deploy rapidly and seamlessly into a full SEPA-SWIFT workflow, which is compliant with the 4th AML directive.  MPE 2019 is an ideal opportunity for us to highlight the key features of EastNets PaymentSafe and SafeWatch Filtering solutions integrated with Bankingblocks modular banking and payment blocks.”

Daria Rippingale, CEO, Bankingblocks, added:

“Additionally, we look forward to exchanging ideas with fintech and payment companies. Not only about the essentials of operating in SWIFT and SEPA payments, but also to help them tackle critical strategic questions that merchants must address if they want to prosper in a fast-evolving business environment.”


About Bankingblocks

Bankingblocks offers purpose-built financial solutions for fintech and payment companies, which they, in turn, can offer to their customers. These services range from acquiring, alternative payments and banking services (IBANs) to foreign exchange, clearing, card issuing and everything in between.

Bankingblocks uses “blocks” that their partners can select, arrange and connect to, in whatever configuration they need. With these blocks, fintechs and payment companies can grow their own business and success, block by block.

Bankingblocks’ partners have direct access to products and services, like the integrated core banking platform, front-end banking and acquiring gateway services, to name a few. However, partners can also choose partial or full white-labels if they are so inclined.

Bankingblocks has combined the traditional European PI, agency banking and acquiring licenses groups to create a stand-alone modular banking service for the fintech industry. Bankingblocks will continue to expand its suite of financial products with new quarterly rollouts, adding to the existing product suite. These rollouts will include (but will not be limited to): real multi-currency IBANs (28 currencies), acquiring (Visa, MasterCard, Carte Bancaires, AMEX and JCB), card issuing, SEPA and SWIFT payments, alternative payment methods, compliance, and onboarding management.