Axway Financial Exchange Enhanced for SEPA Compliance

Axway, a Business Interaction Networks company, has enhanced its Axway Financial Exchange solution to meet the evolving payment-architecture needs of global financial institutions and corporations. Multinational organisations that exchange payments in any European country can use the exhange as a foundation for compliance with the single euro payments area (SEPA) initiative, to improve the efficiency of cross-border and local payments.

Axway Financial Exchange allows organisations to use a single architecture for all payment flows, thus lowering costs, increasing agility, and ensuring compliance with global standards – including Electronic Banking Internet Communication Standard TS (EBICS). The exchange provides a finance-specific solution with pre-packaged SWIFT and SEPA format libraries, mappings and processes.

Gareth Lodge, regional research leader of TowerGroup, said: “The creation of SEPA and the increasingly global nature of payments has challenged financial institutions and corporates to update or reconfigure their payment flow infrastructure. In addition, more complexity is being introduced, including mobile and electronic payments, as well as a continuous increase in global volume.”

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