As of today, the Munich-based fintech allows European financial institutions to transfer money in real-time up to 100,000 euros thanks to SIA’s digital platform
Munich and Milan, 1 March 2021 – Fidor Solutions, a 100 % subsidiary of Sopra Banking Software, has signed a partnership agreement with SIA, a leading European hi-tech company in payment services and infrastructures, controlled by CDP Equity, to launch its new instant payments service in Germany and in other European countries.
Thanks to this agreement, Fidor Solutions is able to allow European financial institutions and their customers 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).
Fidor Solutions confirms its innovative vocation by offering the instant payment service, in partnership with SIA, 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 financial institutions, reducing costs and service activation times.
This is made possible through an integrated service between Fidor Solutions and SIA which covers the entire payment value chain: from the order via all the channels used by banks and payment service providers – for example mobile, web and APIs – to the handling and processing of transactions, right up to network connections with on-demand scalable state of the art payment infrastructure.
“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,” says Michael Maier, CEO Fidor Solutions.
“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,” stated Cristina Astore, SIA’s Northwest Europe and DACH Region Sales Director.
More Details about Fidor Solutions and SIA
Fidor Solutions is a pioneer in open, digital banking technology solutions. It combines unparalleled expertise in advisory and cutting-edge technology to deliver highly customer-centric digital banking propositions across the globe. While the movement for open and digital banking is in its infancy, Fidor Solutions stands apart with its ten years of experience in pioneering the use of APIs and designing, running and growing digital banks from zero to success.
Organizations that partner with Fidor gain invaluable insights, ensuring they engage in new ventures with minimal risk. Fidor Solutions’ unique approach ‘The Fidor Way’ helps financial organizations engage and build genuine relationships, understand data and earn customer loyalty while remaining relevant throughout the customer journey.
Fidor Solutions specializes in solving major banking customer challenges through innovation, including onboarding, engagement, customer experience, digitalization, financial inclusion and the creation of new business models such as marketplaces and platforms. The fidorOS digital banking platform powers the most innovative financial organizations in Europe, Africa, the Middle East and Asia. including www.fidor.de, www.moneysmart.ae, www.banxybank.com, www.vanlanschot.nl, https://apixplatform.com/static/community/
Fidor Solutions AG is a 100 % subsidiary of Sopra Banking Software, Paris.
SIA – a subsidiary of CDP Equity – is European leader in the design, creation and management of technology infrastructures and services for Financial Institutions, Central Banks, Corporates and the Public Sector, in the areas of Card & Merchant Solutions, Digital Payment Solutions and Capital Market & Network Solutions.
SIA Group provides its services in 50 countries, and also operates through its subsidiaries and branches in Austria, Belgium, Croatia, Czech Republic, Germany, Greece, Hungary, the Netherlands, Romania, Serbia, Slovakia, and South Africa. The company also has representation offices in the UK and Poland.
For more information:www.sia.eu/en