SIBS launches pan-European instant payments in Portugal

Thursday 15 October 2020 11:30 CET | News

The Instant Payments Solution platform from SIBS has started supporting making pan-European instant payments from Portugal to other markets.

The service, which until now was exclusive between national banks, is available 24 hours a day, seven days a week, 365 days a year. It ensures that funds reach beneficiaries’ accounts in seconds. This system developed by SIBS allows Portugal to stand out among the SEPA zone markets, according to the official press release.

The SIBS Instant Payments Solution platform was launch in 2018. The platform allows instant payments in Portugal based on accounts, according to the European SEPA Instant Credit Transfer (SCTInst) system. The Portuguese national banking community already has 95% of accounts available in this system.

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Keywords: SIBS, instant payment, Open Banking, Portugal, payments , digitalisation, banks, fintechs, SEPA Instant Credit Transfer
Categories: Banking & Fintech
Countries: Portugal
This article is part of category

Banking & Fintech