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June 2, 2016updated 04 Apr 2017 3:58pm

Raphaels banks on SIA to push payments innovation

After a recent partnership with Avuba for an alternative payment account in early May, Raphaels Bank has now decided to launch an alliance with electronic payment afficionados SIA. The move demonstrates Raphael's desire to become a reputed figure in the delivery of innovative payment solutions

By Jessica Longley

After a recent partnership with Avuba for an alternative payment account in early May, Raphaels Bank has now decided to launch an alliance with electronic payment afficionados SIA. The move demonstrates Raphael’s desire to become a reputed figure in the delivery of innovative payment solutions

This partnership agreement will offer new end-to-end payment solutions in the UK and across Europe, with SEPA payments made available to both SIA and Raphaels Bank clients.

The deal will also ensure that European businesses are able to access STEP2, EBA Clearing’s pan-European technology infrastructure for retail payments in euro managed by SIA, which currently processes over 40 million operations per day on average.

The "SIA EasyPay Platform", which supports Sim based and Host Card Emulation technology, will be introduced to allow Raphaels clients to benefit from contactless payments on smartphones, in the hope of simplifying access to mobile payments.

SIA will also provide its Payment Gateway platform to connect multiple channels and ensure customers have a wide choice of payments.

To further improve clients’ payments experience, "Jiffy", the innovative "Person to Person" payments services, was developed by SIA to allow consumers to send and receive money in real time via a smartphone.

Through this partnership, SIA and Raphaels Bank hope to consolidate their established positions in the prepaid cards market. SIA currently processes 3.3 billion card transactions whilst Raphaels settles over £6bn annually across its portfolio of prepaid, credit and debit cards.

Christina Astore, head of SIA North West Europe, commented: "The partnership with Raphaels Bank represents an ideal combination between our respective areas of expertise".

John Box, head of Strategic Partnerships at Raphaels Bank, added: "The complementary strengths of SIA’s proven technical capabilities and Raphael’s reputation for industry leading issuing and sponsoring solutions will enable a new wave of payment service providers to bring their products to the market."

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