PaymentsPFS Teases Product Additions to Let FinTechs Compete with Banks

BusinessWire BusinessWireSeptember 24, 20203 min

PFS (a company of EML) is excited to highlight a range of product enhancements designed to accentuate the competitive advantage of disruptive FinTechs aware of Banking-As-A-Service (BaaS) trends in the European Economic Area.

SEPA Direct Debit (SDD) will enable clients across the EEA to take on traditional banks through PFS’ licenses with the Financial Conduct Authority (FCA) and the Central Bank of Ireland (CBI). Additionally, the company announces that SEPA Instant Credit Transfer (SCT Inst) is just around the corner.

”Financial Technology is a fiercely competitive space and BaaS allows FinTechs to compete with established banks but conversely, we also enable established banks to take advantage of new technologies that can run independently or in conjunction with their core banking platforms. What we recognise is that both banks and FinTechs want their partner to be product-focused with the objective of improving customer experience and providing additional services that the customer will value,” noted Lee Britton, CCO at PFS (a company of EML).

”We take pride in innovation whilst maintaining our commitment to stability and security within the PFS platform. By adding SEPA Direct Debit capability and SEPA Instant Credit Transfer, we want to enable partners to offer an even better service in multiple markets to their end customers.”

PFS is a payments service provider who adheres to the SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and SEPA Direct Debit (SDD) core payments schemes.

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