Fidor Solutions Choose SIA to Roll Out Instant Payments Service in Europe

SIA, a leading European hi-tech company in payment services and infrastructures, yesterday announced that digital banking solutions provider Fidor Solutions has chosen the company to launch its new instant payments service in Germany and in other European countries.

With the new partnership, 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).

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.

Commenting on this collaboration, Michael Maier, CEO Fidor Solutions, said:“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.” 

“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,” added Cristina Astore, SIA’s Northwest Europe and DACH Region Sales Director.