European paytech Nexi has partnered with payment services provider Payac to deliver SEPA Instant payments to all participating credit unions in the Republic of Ireland. In essence, this partnership will enable 176 credit unions to implement Nexi's Instant Payments platform, facilitating immediate money transfers for their members.

Additionally, credit unions will have access to Nexi’s anti-fraud services, which use real-time transaction analysis to detect and manage fraudulent activities. The deployment of Nexi’s Instant Payments platform is scheduled for completion by the end of 2024, ahead of the January 2025 deadline. This will enable approximately 1.8 million Irish credit union members to use SEPA Instant payments.

In the company press release, officials from Nexi Group remarked that this collaboration with Payac strengthens Nexi's position in the European market and aligns with their goal to advance digital payment solutions. They noted that the growth in instant payments, projected to increase by 35% across Europe in 2023, is expected to be further accelerated by new EU regulations. Nexi aims to support credit unions and their members through this transition.

In turn, officials from Payac, expressed satisfaction with the partnership, highlighting that it aligns with their mission to prioritize the needs of credit unions and provide competitive alternatives to traditional banking services in Ireland. More information about the two companies Nexi operates in several high-growth European markets and is listed on Borsa Italiana's MTA. The company focuses on advancing a cashless Europe through its range of payment solutions and technological expertise.

Nexi’s operations are divided into Merchant Solutions, Issuing Solutions, and Digital Banking Solutions, with an emphasis on technological innovation and customer-focused services. Established in 2016, Payac is a member-owned Credit Union Service Organisation (CUSO) that provides payment services to credit unions in Ireland. Representing 200 credit unions across the Republic of Ireland and Northern Ireland, Payac aims to enhance credit union services and offer innovative payment solutions.

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