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SIA, Raphaels Bank launch payment solutions in Europe

Thursday 2 June 2016 14:35 CET | News

SIA, an electronic payments provider, and Raphaels Bank, an issuing bank, have agreed for the development and launch of payment solutions in the UK and across Europe.

Raphaels and SIA will offer SEPA payments services to clients through the Bank’s indirect participation in the SEPA Credit Transfer and SEPA Direct Debit schemes. This will allow both UK and European businesses to access STEP2, EBA Clearing’s pan-European technology infrastructure for retail payments in euro managed by SIA. It currently processes over 40 million operations per day on average and more than 4.800 financial institutions in 34 European countries are reachable.

The partnership will also strengthen SIA and Raphaels’ positions in the prepaid cards market. SIA currently processes 3.3 billion card transactions and manages over 65 million payment cards in 16 European countries, whilst Raphaels settles over GBP 6 billion annually across its portfolio of prepaid, credit and debit cards. In the mobile payments sphere.

SIA will enable Raphaels, a principal member of Visa and MasterCard, to offer contactless payments on smartphones through its “SIA EasyPay” platform. It supports both SIM-based and Host Card Emulation (HCE) technology and represents an important step forward in simplifying access to mobile payments.

In addition, Raphaels will be also able to offer instant payments to its clients through “Jiffy”, the innovative “Person to Person” (P2P) payments service developed by SIA and based on SEPA Credit Transfer which enables customers to send and receive money in real time via a smartphone.

Jiffy is a P2P payments service in the eurozone and is ready to be integrated with the EBA Clearing’s pan-European instant payments infrastructure scheduled to go live in the Q4 2017. Among the forthcoming developments for Jiffy will be payments to participating merchants (P2B) and Public Administration bodies (P2G).

SIA will also provide its Payment Gateway platform to connect multiple channels (such as ATM, POS, cash register etc.) giving the benefit of choice of payment network to customers.


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Keywords: SIA, Raphaels Bank, Europe, UK, ePayments, issuing bank, SEPA, card transactions
Categories: Payments & Commerce
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