Volante Technologies and SIA have signed a partnership agreement to enable banks, financial institutions and payment service providers to access instant payments, speeding up the adoption of digital payments in Europe.
Using Volante’s SEPA Instant Payments as a Service with SIAnet will allow European banks and financial institutions to directly access the EBA Clearing’s pan-European payment system RT1 and the TARGET Instant Payments Settlement (TIPS) service of the Eurosystem.
The partnership will allow the banking and financial communities to send and receive payments in 10 seconds or less for a maximum amount currently set at €100,000 per individual transaction.
This effort is in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).
As the number of payment schemes across Europe continues to climb, Domenico Scaffidi, vice president, global industry and regulatory affairs, Volante Technologies says: “Our combined proposition dramatically speeds up the process of connecting to these pan-European payment systems and platforms.”
“As we are already certified with SIAnet, banks can very quickly offer instant payments to their customers, and benefit from reduced project resource and implementation costs. The partnership will also enable joint customers to extend the service to other payment types beyond SEPA Instant Payments,” Scaffidi explains.
Cristina Astore, SIA’s Northwest Europe and DACH region sales director, notes that the partnership with SIA is an “important step in implementing SIA’s strategy to develop instant payments for banks and financial institutions in Europe and we are fully committed to supporting the success of this initiative”.
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