The agreement will allow the banking and financial communities to directly access EBA Clearing’s RT1 and ECB’s TIPS via Volante’s SEPA Instant Payments as a Service and SIAnet’s network infrastructure
Volante Technologies, the global leader in cloud payments and financial messaging, and SIA, a leading European hi-tech company in payment services and infrastructures, controlled by CDP Equity, 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.
The combination of Volante’s cloud-native SEPA Instant Payments as a Service with the high-speed, secure and low-latency network infrastructure SIAnet will allow European banks and financial institutions to directly access the EBA Clearing’s pan-European real-time payment system RT1 and the TARGET Instant Payments Settlement (TIPS) service of the Eurosystem (the ECB and national central banks in the Eurozone).
Read More: Banking App Dave Opts to Become a Publicly Traded Company via Merger
The partnership will allow the banking and financial communities to send and receive payments in less than 10 seconds for a maximum amount currently set at 100,000 euros per individual transaction, 24 hours a day, 365 days a year, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).
Adopters of the Volante and SIAnet solution will benefit from cloud payments processing as a service and outstanding resiliency and network infrastructure performance. The service is also extensible with a wide range of available additional payment types and schemes, including SEPA Credit Transfer and SEPA Direct Debit.
Read More: Klarna Secures Additional Funding as Consumers Demand Smarter Alternatives to Shop, Bank, & Pay
Domenico Scaffidi, Vice President, Global Industry & Regulatory Affairs, Volante Technologies said, “The number of payment schemes across Europe continues to climb. 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.”
“The partnership with Volante Technologies 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. As part of the SIA Partnership Program, we will enable Volante Technologies’ customers to directly access the pan-European payments platforms by leveraging the integration between a leading network infrastructure and a cloud-based innovative solution,” stated Cristina Astore, SIA’s Northwest Europe and DACH Region Sales Director.
Read More: Western Union Accelerates Digital Money Movement for Postal Networks Worldwide
