In terms of e-payments Europe is still very far from being an internal market

4 Feb 2013

Kerry-based transaction processing company Fexco has signed a deal to provide cross-border online payment services to e-commerce bank Sofort in Germany. The CEO of Sofort said that when it comes to cross-border transactions, Europe is a long way away from being an internal market.

The deal will provide a boost to customers of Sofort Bank’s direct transfer transactions service, particularly between countries like the UK and Germany.

The next stage of the process will see people use their own currencies for transactions via Sofort Banking, even if the purchase is being made in a foreign currency.

“Europe is growing ever closer together – only when it comes to payment transactions are we still a long way from an internal market,” said Dr Gerrit Seidel, CEO of Sofort AG and Sofort Bank.

“By partnering with Fexco, a global leader in financial transactions services, this is an important step for us in the direction of a unified European payment area,” Seidel said.

“Through it we are making it easier for our traders to penetrate markets in countries with different currencies,” Seidel said.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years