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March 2, 2021updated 18 Mar 2021 8:48am

Fidor Solutions unites with SIA to roll out instant payments service in Europe

By Johney Amala

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

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The partnership will allow Munich-based Fidor Solutions to enable European financial institutions and their customers to send and receive payments in under ten seconds.

The transaction amount is currently set at €100,000 per each transaction, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).

This instant payment service will enable direct access to EBA Clearing’s pan-European real-time payment system RT1 and to the TARGET Instant Payments Settlement (TIPS) 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 added to our proposition and for our clients.”

The ‘SIA EasyWay’ platform used by Fidor Solutions serves as a ‘hub’ that integrates instant payments with the internal systems of financial institutions. This is said to result in reduced costs and service activation times.

SIA’s Northwest Europe and DACH Region sales director Cristina Astore added: “We are really proud to provide instant payments to Fidor Solutions and its partners all over Europe in a sector undergoing a huge digital transformation such as that of payments. Through our best of breed platform, the new service has been up and running in just a few months and will be available for Fidor Solutions’ clients soon.”

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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