Banking Circle, Sia to launch instant payments service in Europe

Banking Circle, a bank based in Luxembourg, has partnered with Sia to launch its instant payments service in Europe. The bank will use Sianet, a fiber optic network infrastructure to deliver payments in less than 10 seconds with a maximum amount of 100,000 euros per transaction, according to a press release.

In addition, Banking Circle customers can take advantage of Sia's access to the Eurosystem Single Market Infrastructure Gateway, which connects to the TARGET Instant Payment Settlement service of the Eurosystem.

"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 utilize SIA's network and loud 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," Michael Boel, head of local clearing, Banking Circle, said in the release. "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."