SIA Launches a New Digital Platform for Instant Payments
SIA launches “SIA EasyWay”, the new digital platform which allows banks and other payment service providers (PSPs) to manage at European level the instant payments available from 21 November on EBA Clearing’s RT1 infrastructure developed by SIA, in addition to all other SEPA payment and collection instruments.
In fact, as of this date, citizens and companies in 34 countries in the Single Euro Payments Area (SEPA) are able to transfer and receive sums of up to €15,000 per individual transaction in less than 10 seconds through a service available 24 hours a day, 365 days a year, in line with the SEPA Instant Credit Transfer (transfer with real-time and irrevocable credit) scheme of the European Payments Council (EPC).
“SIA EasyWay” was created with the aim of helping financial institutions
and PSPs with adoption and management of SEPA instruments (such as SCTs
and SDDs), of instant payments and more generally of the new open
Through the SIAnet network, which guarantees secure and ultra-fast connections thanks to a new low latency messaging technology, “SIA EasyWay” provides access to EBA Clearing’s RT1 and is also ready to connect the other European Automated Clearing Houses (ACHs) and future instant payments platforms.
“SIA EasyWay” operates as a “hub”, simplifying the integration of instant payments with the financial institutions’ internal systems, reducing costs and activation times for new services. This is made possible thanks to an “end-to-end” service that covers the entire payment chain, from order management via all channels used by banks and payment service providers (such as mobile, internet, sales points, etc.), to business processing and access gateway.
At the beginning of 2018, the introduction of Payments Service Directive 2 (PSD2) – which financial institutions must comply with – will favour the entry into the payments market of new non-bank players known as “Third Party Payment Service Providers” (TPPs). In this context, the “SIA EasyWay” platform will make it possible to guarantee compliance with the legislation and seize the opportunities generated by the development of new services.
Filippo Fantasia - Valentina Piana
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