Finastra has successfully completed connectivity testing with SIA, the European leader in payment infrastructure and services, to provide connectivity to the European instant payments infrastructure systems via SIAnet.
The testing confirms that Finastra’s payments gateway is able to exchange real-time payment messages through its connection to SIAnet. Additional trials have demonstrated that financial institutions can connect to RT1, EBA CLEARING’s pan-European instant payments infrastructure, using Finastra’s global payments solutions via SIAnet.
As of November, the RT1 infrastructure is live to process SEPA instant credit transfers, supporting euro payment transfers between accounts in less than 10 seconds and immediate availability of funds to the payment beneficiary. SIA provides access to this infrastructure with SIAnet, which is specifically designed to meet the requirements of instant payment and instant clearing systems. Finastra’s real-time payments gateway solution will allow financial institutions to access payments platforms such as RT1 via SIAnet in order to execute pan-European instant payments.
“After rigorous testing, Finastra is now able to successfully support RT1 users in executing payments through SIAnet,” said Andrea Galeazzi, Network Services Director, SIA. “Customers of Finastra that seek to execute real-time payments throughout Europe can be confident in SIA’s network infrastructure and Finastra’s ability to facilitate these payments via leading edge technology.”
Robin Crewe, CTO, Lending & Transaction Banking at Finastra, said, “By connecting to the infrastructure and network solutions laid out by EBA CLEARING in partnership with SIA, we are enabling our customers easier access to real-time payments capabilities. This move demonstrates our commitment to supporting banks as real-time payments continue to gather pace in an open banking environment.”