Important milestone for Equens CSM
01-08-2010
As of 1 August 2010, Equens CSM (Clearing & Settlement Mechanism) has an indication as meant under the EC Directive 98/26/EC, also known as the Settlement Finality Directive.
This indication is very important for our clients, as it prevents risks for banks exchanging SEPA Payments via Equens in case a bank goes bankrupt. The indication has been granted by the Dutch Ministry of Finance and is recognised by all members of the European Union.
Equens received this indication for its Dutch domestic system already in 1998. Based on the growing volume and the expected migration from domestic payments to SEPA, it is an important milestone that Equens now also received this indication for SEPA payments.
The indication is very crucial for the continuity of Equens' CSM offering. It may even be a prerequisite for clients or partners to connect to Equens and can be seen as a major last step to the maturity of Equens CSM.
