Put yourself in the shoes of a 24/7 business wishing to trade with the EU post Brexit. Not only is the customs documentation bureaucratic, but also the payments mechanisms are unnecessarily slow & inefficient – involving a host of middlemen taking a ‘cut’ & delaying the transaction.
Well, at least the latter just got a whole lot simpler for customers of international payments platform Equals (EQLS) - who said today that it had joined both the SEPA Instant Euro & Credit Transfer schemes.
Meaning its clients can now instantly receive Euro credits to their "own-name multi-currency IBAN" accounts and send Euro payments to other scheme members. Thereby speeding up the movement of funds and improving working capital.
Plus, when combined with Equals' direct membership of the UK's Faster Payments Scheme, then all GBP/EUR currency pair transactions are now immediate.
But that’s not all. For Equals too, it allows the firm to maintain control over the customer experience and reduce reliance on 3rd parties – eliminating costs, enhancing reliability & expanding the service portfolio.
CEO Ian Strafford-Taylor, adding "Integration to another payment scheme demonstrates our ongoing commitment to direct connectivity and rapid movement of funds. This development is in line with the Group's objective to continue to improve our efficiency and scale, driving down our cost base and exploring new revenue opportunities as a leading fintech."