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Banking Circle chooses SIA to launch instant payments service in Europe


Thanks to the network infrastructure SIAnet, the new bank headquartered in Luxembourg allows European financial institutions and corporates to transfer money in real time accessing Eurosystem’s TARGET Instant Payment Settlement service

London and Milan, 22 July 2021 – Banking Circle, the Payments Bank for the new economy, has selected SIA, a leading European hi-tech company in payment services and infrastructures, controlled by CDP Equity, to launch its new instant payments service in Europe connecting to the TARGET Instant Payment Settlement (TIPS) service of the Eurosystem.

Thanks to SIAnet, the ultra-fast fiber optic network infrastructure, Banking Circle enables European financial institutions and corporates to execute instant payments in less than 10 seconds with a maximum amount currently set at 100,000 euros per individual transaction, 24/7, all year long, in line with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).

The partnership with SIA also allows Banking Circle customers to benefit from the concession granted by the European Central Bank to SIA and Colt as Network Service Providers for ESMIG (Eurosystem Single Market Infrastructure Gateway). Beyond TIPS, SIAnet enables all the key organizations in the European financial system to access also the platform for the settlement of large-value payments TARGET2, the securities settlement platform TARGET2-Securities (T2S), the Eurosystem Collateral Management System (ECMS), and possibly other new services and applications.

The high-speed, secure and low-latency network infrastructure SIAnet is specially designed to meet the specific requirements of instant payments in terms of security, reliability and performance and it represents a single access channel to the main national and international payment platforms, alsoincluding EBA Clearing’s pan-European real-time payment system RT1.

Banking Circle is making cross border payments faster and more cost effective for Banks and Payments businesses, in turn enhancing the service they provide to their customers. Instant Payments is a crucial part of this and we are delighted that our partnership with SIA enables us to connect to the TIPS platform via our cloud solution. We believe that being the first bank to utilise SIA’s network and cloud integration options sends a clear message that we are committed to getting as close as possible to central banks, Automated Clearing Houses and Clearing and Settlement Mechanisms. Through the partnership with SIA, Banking Circle will deliver Instant Payments at the lowest cost possible and at the highest level of stability for our clients, and their customers. It is a perfect technology match – enabling instant payments in Europe for everyone,” said Michael Boel, Head of Local Clearing, Banking Circle.

“We’re really very proud to contribute to the launch of Banking Circle’s new instant payments service in the European market because it represents another remarkable success of our network services offering at international level. Thanks to the perfect integration of our network with the major public cloud providers on the market, the new digital payment service was up and running in just a few months and is now available for all current and future Banking Circle customers,” said Cristina Astore, SIA’s Northwest Europe and DACH Region Sales Director.

About Banking Circle

Banking Circle is the Payments Bank for the new economy. As a fully licensed bank, free of legacy systems, Banking Circle technology enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost and in line with high standards of compliance and security – with direct access to clearing that bypasses old, bureaucratic and expensive systems.

Banking Circle solutions are increasing financial inclusion. From accounts to lending, international payments to settlements and FX to compliance, Banking Circle technology is helping thousands of businesses transact across borders in a way that was previously not possible.

Banking Circle is owned by EQT VIII and EQT Ventures in partnership with Banking Circle’s founders. Headquartered in Luxembourg, Banking Circle has offices in London, Munich, Amsterdam and Copenhagen.

About SIA

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 over 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.

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