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Banking Circle uses SIA's technology for its instant payments service

Thursday 22 July 2021 14:22 CET | News

Banking Circle has selected SIA to launch its new instant payments service in Europe connecting to the TARGET Instant Payment Settlement (TIPS) service of the Eurosystem.

According to the official press release, through SIAnet, a fiber optic network infrastructure, Banking Circle enables European financial institutions and corporates to execute instant payments in less than 10 seconds with a maximum amount currently set at EUR 100,000 per individual transaction, 24/7, all year long, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).

The partnership with SIA also allows Banking Circle customers to benefit from the concession granted by the European Central Bank to SIA and Colt as Network Service Providers for ESMIG (Eurosystem Single Market Infrastructure Gateway). Beyond TIPS, SIAnet enables all the key organisations in the European financial system to also access the platform for the settlement of large-value payments TARGET2, the securities settlement platform TARGET2-Securities (T2S), the Eurosystem Collateral Management System (ECMS), and possibly other new services and applications.


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Keywords: Banking Circle, SIA, partnership, product launch, instant payments, SEPA
Categories: Banking & Fintech | Payments General
Countries: Europe
This article is part of category

Banking & Fintech