Milan - SIA EasyWay is a new digital platform which allows banks and other payment service providers (PSPs) to manage at European level the instant payments available from 21 November on EBA Clearing's RT1 infrastructure developed by SIA, in addition to all other SEPA payment and collection instruments.
As of this date, citizens and companies in 34 countries in the Single Euro Payments Area (SEPA) can transfer and receive sums of up to €15,000 per individual transaction in line with the SEPA Instant Credit Transfer (transfer with real-time and irrevocable credit) scheme of the European Payments Council (EPC).
SIA EasyWay can help financial institutions and PSPs with adoption and management of SEPA instruments (such as SCTs and SDDs), of instant payments and more generally of the new open banking scenario. The platform 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.
Services available on SIA EasyWay include fraud monitoring and prevention, identification of suspicious transactions, as in the case of financing of terrorist activities, and the innovative mirror account which makes instant payments always possible, even during periods when the current account systems are unavailable (for example, during maintenance).
At the beginning of 2018, the introduction of Payments Service Directive 2 (PSD2) - which financial institutions must comply with - will favour the entry into the payments market of new non-bank players known as Third Party Payment Service Providers (TPPs). The SIA EasyWay platform will enable compliance with this legislation.