SIBS introduces cross border instant payments from Portugal

By Megha Bhattacharya

SIBS recently announced that its Instant Payments Solutions platform will now be offering pan-European instant payments. The service is available 24 hours a day, seven days a week, 365 days a year, ensuring that funds reach beneficiaries’ accounts in seconds. This system developed by SIBS is expected to allow Portugal to stand out among the SEPA zone markets.

“This move allows Portugal to return to being at the forefront of the payments sector, contributing once again to the growth of electronic payments in Portugal and Europe. The work carried out by SIBS grants the Portuguese banks to offer their customers the solution for pan-European instant payments. We expect that the use of this tool, which allows you to transfer money in a few seconds and at any day and time between different bank accounts, will accelerate even more”, said Madalena Cascais Tomé, SIBS’ CEO.

The functionality launched today results from the connection of the SIBS solution to the TIPS – TARGET Instant Payment Settlement, the system made available by the Eurosystem for making instant payments at a pan-European level. The Portuguese will now able to make instant payments at the pan-European level with ease.

Recently, SIBS recently announced the acquisition of card payment processing company in Romania – the Romcard/ Supercard (ex- Wirecard Romania). This, along with the acquisition of Poland-based Paytel, SIBS aims to strengthen its position in the two largest markets of Central and Eastern Europe.