The move will allow European financial institutions and corporates to facilitate instant payments. Credit: Jonas Leupe on Unsplash.

Payment specialist Banking Circle has teamed up with European payments firm SIA to roll out its new instant payments service in Europe.

The service, which connects to the TARGET Instant Payment Settlement (TIPS) service of the Eurosystem, will allow European financial institutions and corporates to facilitate instant payments.

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SIAnet, SIA’s fiber optic network infrastructure, will enable the firms to execute instant payments in under 10 seconds.

The maximum amount for each individual transaction is currently set at €100,000, in accordance with the SEPA Instant Credit Transfer scheme of the European Payments Council (EPC).

Furthermore, the partnership will allow customers of Banking Circle to utilise concession granted by the European Central Bank to SIA and Colt as Network Service Providers for Eurosystem Single Market Infrastructure Gateway (ESMIG).

In addition to TIPS, SIAnet provides access to platform for the settlement of large-value payments TARGET2, the securities settlement platform TARGET2-Securities (T2S), the Eurosystem Collateral Management System (ECMS), as well as other new services and applications.

SIAnet is said to constitute a single access channel to the main national and international payment platforms.

These include EBA Clearing’s pan-European real-time payment system RT1.

Banking Circle head of Local Clearing Michael Boel said: “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.”

SIA’s Northwest Europe and DACH region sales director Cristina Astore said: “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.”

In April this year, business payment solution provider Safenetpay teamed up with Banking Circle to bolster its cross border payment offering.