Worldline to provide clearing and settlement services to support PSA’s new payment ecosystem
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Worldline to provide clearing and settlement services to support PSA’s new payment ecosystem 16 March 2021Austria Reporter: Maddie Saghir
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Worldline has been appointed as the technical clearing and settlement partner for domestic and international interbank payments as part of PSA Payment Services Austria’s quest to roll out one of the most advanced payment ecosystems in Europe.
This draws upon the already existing collaboration between Wordline and PSA, which first began in card-based payments back in 2012, into a major new and future-oriented area.
Through this cooperation, PSA and Worldline are laying the groundwork for a new real-time payment platform for instant, secure and device-independent payments across Austria.
Worldline will support PSA in its role as a technical partner and leverage its expertise gained from running several national clearinghouses, including those in the Netherlands, Aruba and Curacao.
Worldline and PSA say they will be able to influence how European banks future-proof themselves with the latest payment types and the right technical partners.
According to PSA, the partnership has demonstrated how banks can take advantage of their position in the European financial sector amid the international competition with US powerhouses, fintechs and card schemes to offer innovations that are attuned to market demand.
Wordline explains that instant account-to-account payments are poised to become a key feature of the modern consumer experience in the European payment universe that enables banks to position themselves effectively in the digital retail environment.
David Ostah, PSA’s managing director, comments: “By working with Worldline, we can bring European expertise to Austria and combine it with our own know-how. Together, we are in an even better position to provide comprehensive cutting-edge solutions for banks and accompany them along with all their challenges in market demand and latest trends.”
Michael Steinbach, Worldline’s head financial services, adds: “Our vision is to be able to shape the future of payments with a pan-European solution, featuring secure, seamless and advanced payments - irrespective of whether they are card or account-based.”
PSA notes that Austria will then become the next country besides The Netherlands, Italy, Hungary and the islands Aruba and Curacao, to rely in whole or in part on Worldline’s clearing and settlement platform.
It is expected that from 2023 the services will be delivered via Worldline’s central technical interface.
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