Volante Technologies and SIA have signed a partnership agreement to enable banks, financial institutions and payment service providers to access instant payments, speeding up the adoption of digital payments in Europe.
The combination of Volante’s cloud-native SEPA Instant Payments-as-a-Service with the high-speed, secure and low-latency network infrastructure SIAnet will allow European banks and financial institutions to directly access the EBA (European Banking Authority) Clearing’s pan-European real-time payment system RT1 and the TARGET Instant Payments Settlement (TIPS) service of the Eurosystem (the ECB and national central banks in the Eurozone).
The partnership will allow the banking and financial communities 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).
Domenico Scaffidi, vice president of Global Industry and Regulatory Affairs at Volante Technologies, said in a statement: “The number of payment schemes across Europe continues to climb. Our combined proposition dramatically speeds up the process of connecting to these pan-European payment systems and platforms. As we are already certified with SIAnet, banks can very quickly offer instant payments to their customers, and benefit from reduced project resource and implementation costs. The partnership will also enable joint customers to extend the service to other payment types beyond SEPA Instant Payments.”
SIA is a subsidiary of the Italian sovereign wealth fund CDP Equity. It designs, creates and manages technology infrastructures and services for financial institutions, central banks, corporates and the public sector in areas such as digital payment and capital market and network solutions, among others. Volante Technologies is a global provider of cloud payments and financial messaging solutions and has a client roster of 100 banks, financial institutions, market infrastructures, clearing houses, and corporate treasuries in 35 countries.