Starting from 21 November 2017, citizens and companies in 34 countries in the Single Euro Payments Area (SEPA) are able to transfer and receive sums of up to EUR 15,000 per individual transaction in less than 10 seconds, in line with the SEPA Instant Credit Transfer (transfer with real-time and irrevocable credit) scheme of the European Payments Council (EPC).
The platform was created with the aim of helping financial institutions and PSPs with adoption and management of SEPA instruments (SCTs and SDDs), of instant payments and the new open banking scenario. Through the SIAnet network, the solution 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.
In addition, SIA EasyWay includes fraud monitoring and prevention, identification of suspicious transactions, and the “mirror account” which makes instant payments always possible, even during periods when the current account systems are unavailable (for example, during maintenance).
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