Fidor Solutions & SIA partner to launch new instant payments service in Europe

By Pavithra R

Fidor Solutions, a subsidiary of Sopra Banking Software, has announced entering into a new partnership with SIA, a leading European hi-tech company in payment services and infrastructures, a subsidiary of CDP Equity, to launch its new instant payments service in Germany and in other European countries.

Under the collaboration, Fidor Solutions will allow European FIs and their customers to send and receive payments in near real-time for a maximum amount currently set at 100,000 euros per individual transaction, 24 hours a day, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC). 

“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,” said Michael Maier, CEO, Fidor Solutions.

The alliance confirms Fidor Solutions’ innovative vocation, 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 FIs, reducing costs and service activation times, made possible through an integrated service between Fidor Solutions and SIA.

“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 a wider cooperation to boost the development of innovative use cases for citizens and businesses, contributing to the growth of digital payments in Europe,” said Cristina Astore, SIA’s Northwest Europe and DACH Region Sales Director.