Paynet to provide remittance services from Europe into Moldova

by Clear Junction12 January, 2022Company News

Clear Junction has recently started providing solutions to Paynet to support its vision to provide cross-border payment services. The partnership helps Paynet provide remittance services, specifically those from Europe into Moldova.

We are delighted to announce that Clear Junction has recently started working with Paynet to support the team in its quest to provide remittance services to typically underserved communities. As the first electronic wallet platform in Moldova, Paynet operates one of the most complex payments services on the Moldovan market.

Paynet connects consumers, financial institutions and merchants. The team specialise in facilitating domestic payments, where both individuals and businesses can pay for a range of different services. Paynet wanted to provide improved remittance services that are simple and more cost-effective than had previously been the case – which is where we were able to help.

The newly announced partnership with Paynet is another example of how Clear Junction’s correspondent account service can help regional payment operators in Eastern Europe. Clear Junction’s existing payments infrastructure connects Paynet to European payment networks, such as SEPA and SEPA Instant. Ultimately, this enables Paynet to facilitate payments for the vast Moldovan diaspora of migrant workers and international students, whose transfers to and from their home country have typically been a challenge when using traditional banking channels.

“By partnering with Clear Junction, we are able to provide SEPA payment options to all Moldovans residing in the eurozone, who will be able to make euro payments as simply, safely and cheaply as national payments – there will be no difference between sending a payment from London to Chișinău or from Bălți to Rome,” says Calin Gryadchenko, Chief Executive at Paynet Services. “An important milestone for Paynet has been reached today with the launch of SEPA payments through Clear Junction. We can make direct payments across Europe, as if no borders existed.”

“Clear Junction is delighted to be helping Paynet achieve its aim to provide effective cross-border payment services into Moldova,” explains Dima Kats, Chief Executive of Clear Junction. “By utilising our existing infrastructure and access to payment rails and networks, Paynet is able to better serve people in the Moldovan region. We look forward to developing the relationship further in the future, specifically to enable Moldova-based businesses to pay partners in Europe for a range of goods and services.”

To find out more about how Clear Junction can help Eastern European payment institutions realise their growth ambitions and improve their remittance service offering, please get in touch with our team via the contact form.