Fidor Solutions Partners with SIA To Launch Instant Payments Service in Europe
Fidor Solutions, a 100 % subsidiary of Sopra Banking Software, has signed a partnership agreement with SIA, a leading European hi-tech company in payment services and infrastructures, controlled by CDP Equity, to launch its new instant payments service in Germany and in other European countries.
Thanks to this agreement, Fidor Solutions is able to allow European financial institutions and their customers 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).
Fidor Solutions confirms its innovative vocation by offering the instant payment service, in partnership with SIA, allowing 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 (the ECB and national central banks in the Eurozone).
The “SIA EasyWay” platform used by Fidor Solutions operates as a “hub”, simplifying the integration of instant payments with the internal systems of financial institutions, reducing costs and service activation times. This is made possible through an integrated service between Fidor Solutions and SIA which covers the entire payment value chain: from the order via all the channels used by banks and payment service providers – for example mobile, web, and APIs – to the handling and processing of transactions, right up to network connections with the on-demand scalable state of the art payment infrastructure.
“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 minimizing the overheads. It’s a great value-added to our proposition and for our clients,” says Michael Maier, CEO Fidor Solutions.
“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. This represents the first milestone for wider cooperation to boost the development of innovative use cases for citizens and businesses, contributing to the growth of digital payments in Europe,” stated Cristina Astore, SIA’s Northwest Europe and DACH Region Sales Director.