SIA has secured certification from the European monetary authority Eurosystem to provide access to TARGET Instant Payment Settlement (TIPS), a new service to settle instant payments.

Scheduled to be launched in November this year, the TIPS service is expected to enhance integration of the pan-European market by supporting retail payments in euros.

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The certification will allow European banks and other Payment Service Providers (PSPs) to participate in the pilot testing phase of the TIPS service through the SIA network.

SIA already manages instant payments at European level by connecting to EBA Clearing’s RT1 system, which started operating in November last year.

SIA deputy CEO Nicola Cordone said: “The certification awarded by the Eurosystem testifies to the excellence of SIAnet, which meets all the requirements of reliability, speed and solidity necessary for instant payments.

“Furthermore, it confirms the important role of SIA as primary technology provider in the area of network services, also with a view to the creation of the Eurosystem Single Market Infrastructure Gateway in 2021.

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“The ESMIG project will enable access by banks, via a single interface, to the market infrastructures managed by the Eurosystem, strengthening the cybersecurity and resilience of strategically important systems.”

SIA solutions offer swift connections utilising low-latency messaging technology to provide the service which will allow the financial institutions to reduce costs, operating complexities as well as focus on their core business.