Delivering 100% Reliability to Financial Processing
Precisely eliminates errors in high volume and fast-paced Equens transactions
In 2006, Equens became the first truly pan-European full service payment processor and by 2013, Equens was processing 10.6 billion payments and 4.7 billion ATM and POS transactions annually. As one of the largest and most innovative payment processors in Europe, the company has led the market for future proof payments and debit care processing solutions. Equens has its registered offices in the Netherlands, as well as permanent offices in Germany, Italy, the United Kingdom and Finland. Equens’ services cover the entire payments value chain for cards, payments, e-commerce and m-commerce.
The company continuously pursues growth by attracting new clients to expand their business. Business challenge In the Euro-domestic market, transactional speed is mandated by contracts. Providers must ensure any payment sent to any other bank account in the European Union will reach its destination within the agreed time frame. This created a challenge for Equens, which needed to ensure that all its clients’ payments were being processed securely, reliably and efficiently while maintaining availability. To accomplish this, the company had to check all of the payment processes within the clearing and settlement system, from beginning to end, to minimize the risk of payments becoming corrupt or lost.
To compete in the European market space, Equens’ use of parcel settlement made it possible to accumulate payments and clear them at least once every half hour, with the possibility of performing this several hundred times a day. Because Equens’ systems and processes were based on extremely high standards for availability and security, it was imperative to provide an external, flexible, and secure way to control these settlements. It turned to Precisely for a solution.
Read more about how this service payment processor tackled processing times dictated by customer contracts, with fines for failing to meet contract terms.