• "With such a powerful tool in place we’re now thinking of extending our message conversion services to other business areas" Sergei Putyatinsky, CIO, NSD Moscow
  • "We are very happy to be working with Trace Financial" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "Transformer is the only messaging technology that we have found that really can be used by a business analyst" Major European Investment Manager
  • "Transformer’s ability to elegantly handle complex financial messaging scenarios is proof both of its power and of Trace's depth of understanding of the standards" SWIFT
  • "We implemented a SWIFT message in half a day; the programmer said it would normally take him five days " Tier One Global FI
  • "The in-built testing capabilities of Transformer have allowed us to validate the integrity of new message formats … much more quickly, and with greater confidence" Capital Markets Service Provider and Reporting Authority
  • "Transformer has … allowed us to use analysts rather than developers to build our mappings, improving our time-to-market, reducing cost and increasing the quality of our solutions" Integration Architect, U.K Investment Manager
  • "We think Transformer is a fantastic product and it is an integral part of our Enterprise Messaging strategy going forward" Major American FI
  • "Transformer is an integral tool within our technology infrastructure, helping to further accelerate the speed to market as we on-board clearing banking partners in new countries" Head of Product Management, Earthport
  • "I am indeed impressed and have not experienced this level of support from a corporate vendor to date. Excellent choice!" Major South African FI
  • "Transformer … has enabled our business analysts and Quality Assurance team to create and comprehensively test financial message transformations" Capital Markets Service Provider and Reporting Authority
  • "We were able to create, test and deploy mappings that took three months in XSLT within three business days" Latin American software company
  • "From watching the demo I am able to use the product straight away and create and test complex messages and mappings quickly and easily" Regulatory Reporting Authority
  • "Independent tests scored Transformer at 100% for message transformation" SWIFT
  • "Transformer has brought a great deal of agility to the development of our next generation of payment frameworks, and also made it much more efficient" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "With Transformer handling the complexity behind the integrations, our teams can concentrate on our payment product - instead of worrying about technical message transformations" Vivek Awashti, Chief Technology Officer, Currencies Direct
  • "Transformer gives us more flexibility to support the diversity of our rapidly-growing client base, and to ease the integration process for new clients " Head of Product Management, Earthport
  • "Using Transformer has simplified the process of working with multiple industry messaging standards" Integration Architect, U.K Investment Manager

Demand grows for faster payments in Estonia

25 June 2018

Estonia is moving together with the rest of the euro area firmly in the direction of interbank payments taking just seconds and being made on national holidays and weekends as well, Bank of Estonia Deputy Governor Madis Müller said at a debate on instant payments held at the central bank on Tuesday.

“There is certainly demand in Estonia for instant payments, as surveys show that 70% of people in Estonia want interbank transfers to be faster than they currently are,” Müller explained according to a Bank of Estonia press release. “More than one third want money to reach the recipient in less than five minutes.”

He noted that being a small country gives Estonia certain advantages. SEB is currently the only bank that offers instant payments to its clients, but should just five banks join the instant payment system, it would be possible to make almost all interbank payments instantly.

580 banks in Europe have joined the instant payments system, but the European Payments Council estimates that the majority of banks in the euro area will be offering their clients instant payments by 2020.

All banks and payment service providers have been able to join the pan-European instant payment system since the end of November 2017, at which time SEB was the first bank in Estonia to roll out the service for its clients.