Fidor Solutions collaborates with SIA to launch an instant payment service in Europe

Munich-based Sopra Banking Software subsidiary Fidor Solutions has partnered with payments services firm SIA to unveil its new instant payments service in Germany and other European countries.

The partnership will enable European financial institutions and their customers to send and receive payments of up to €100,000 in under ten seconds, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council.

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

Commenting on the development, Fidor Solutions CEO Michael Maier said, “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 minimising the overheads. It’s a great value add to our proposition and for our clients.”

SIA’s northwest Europe and DACH region sales director Cristina Astore said that the European payments ecosystem is in the midst of a complete “digital transformation” and that the partnership with Fidor is a “first milestone for a wider cooperation.”

Astore added that the collaboration will also help advance the “development of innovative use cases” for both individuals and businesses “contributing to the growth of digital payments in Europe.”

The ‘SIA EasyWay’ platform used by Fidor Solutions operates as a hub that integrates instant payments with the internal systems of financial institutions cutting extra time, costs and service activation times. The service covers the entire payment value chain, from the order via channels used by banks and payment service providers such as mobile, web and APIs to the handling and processing of transactions.

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