SIA has secured the contract to connect Dutch bank ABN Amro to EBA Clearing’s pan-European instant payments infrastructure RT1.
Under the collaboration, ABN Amro will utilise fibre optic network SIAnet to introduce instant payments.
Offering low latency spread across 170,000km, the network infrastructure SIAnet is designed to fulfil specific requirements of instant payments related to security, reliability and easy integration with other application environments.
It also complies with SEPA’s Instant Credit Transfer (SCT Inst) scheme created by the European Payments Council.
SIA director of international division Cristina Astore said: “The success in the ABN AMRO bid further strengthens SIA’s position at international level and proves the technological capabilities of its network services solutions.
“We continue to leverage our developments of real-time 24/7 solutions enabling our customer to easily benefit from new instant payments services.”
As of 21 November 2017, ABN Amro was said to carry out instant payments of up to €15,000 in less than ten seconds with other banks also using Instant Payments. The bank expects that the number of transactions to grow throughout this year.
ABN Amro SEPA Payments Business developer Sandra Peute said: “ABN Amro is very pleased with the service quality and operational excellence of SIA. We are looking forward, with much confidence, to a substantial growth of Instant Payments in Europe!”