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.

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.

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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.”

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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.”