Information technology provider CGI has introduced a new real-time single euro payments area (SEPA) instant credit transfer solution for banks and payment service providers in Europe seeking to facilitate instant credit transfers in compliance with European Payments Council.

The new SEPA Real-Time (SRT) solution, which has been developed by a team of CGI experts in the Czech Republic, will connect to EBA CLEARING’s pan-European instant payment infrastructure service.

The vendor said that its solution will offer originating as well as beneficiary banks access to a real-time payment service, as well as will offer anti-money laundering and real-time fraud protection capabilities.

The solution can be used as a standalone system or implemented as part of the CGI All Payments solutions, the vendor said.

CGI vice-president of global financial services Jerry Norton said: “We are introducing this solution in response to wide interest by banks and payment service providers across Europe in the SCT Inst scheme.

“Enabling our financial services clients to adopt real-time payments quickly and at low cost is a key driver behind CGI’s payments modernization strategy. We are now able to provide our clients with a high performance solution that supports full real-time processing while minimizing the impact on existing bank payment infrastructures and core banking systems.”