Bank / Credit Union

Fidor Solutions, SIA, partner to offer instant payments service in Europe

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March 1, 2021

Fidor Solutions, a subsidiary of Sopra Banking Software, has partnered with SIA, a payment services and infrastructure company controlled by CDP Equity to allow European financial institutions and their customers to send and receive payments in less than 10 seconds, according to a press release.

This partnership will allow direct access to EBA Clearing's pan-European real-time payment system RT1 and to the TARGET Instant Payments Settlement service of the Eurosystem.

The maximum transfer amount is currently set at 100,000 euros per individual transaction and is in line with the SEPA Instant Credit Transfer scheme of the European Payments Council. Transfer can be done 24 hours a day, 365 days a year.

The "SIA EasyWay" platform used by Fidor Solutions will operate as a hub and simplify instant payment integration with the internal systems of financial institutions reducing costs and service activation times. This is made possible through an integrated service between Fidor Solutions and SIA which covers the entire payment value chain, from the order via all the channels used by banks and payment service providers, for example mobile, web and APIs to the handling and processing of transactions.

"We are very pleased to partner with SIA to offer our clients a fully integrated Instant SEPA Payment Solution within our digital platform. By adopting the Fidor Solutions platform approach, our clients will benefit from a full end-to-end service with a highly resilient partner. Through this partnership, we can address the needs of our clients to easily adjust to new trends in payments and also by minimizing the overheads. It´s a great value added to our proposition and for our clients," Michael Maier, CEO, Fidor Solutions said in the release.