SIA Teams Up with Raphaels Bank to Launch Innovative Payment Solutions

June 2, 2016         By: Mike Dautner

News out of London and Milan today suggests that SIA, a company specializing in the management of electronic payments, and Raphaels Bank, an issuing bank known for enabling innovation in payments, have agreed to a partnership agree for the development and launch of payment solutions in the UK and throughout Europe.

As per the agreement, Raphaels and SIA will offer SEPA payments services to clients via the Bank’s indirect participation in the SEPA Credit Transfer Direct Debit schemes.

By doing this, it will allow businesses from the UK and Europe to access STEP2, EBA Clearing’s pan-European technology infrastructure for retail payments in Europe managed by SIA.

As it stands, it currently processes over 40 million operations each day on average, with more than 4,800 financial institutions in 34 European countries are reached.

In addition, the announced partnership will reinforce SIA and Raphael’s positions in the prepaid cards market.

SIA at the moment processes 3.3 billion card transactions and manages over 65 million payment cards in 16 European countries, while Raphael’s settles over 6 Billion in euros each year across its portfolio of prepaid, credit, and debit cards.

On the mobile front, SIA will enable Raphaels, a principal member of Visa and Mastercard, to offer contactless payments on smartphones through its “SIA EasyPay” platform.

On top of all this, Raphaels will additionaly offer instant payments to its clients through “Jiffy”, the innovative P2P payments service developed by SIA and based on SEPA Credit Transfer, which enables customers to send and receive money in real time via a smartphone.

John Box, Head of Strategic Partnerships at Raphaels Bank said ”We are excited to be working with SIA on these important, innovative payment schemes. The complementary strengths of SIA’s proven technical capabilities and Raphaels’ reputation for industry leading issuing and sponsoring solutions, will enable a new wave of payment service providers to bring their products to the market.”

“The partnership with Raphaels Bank represents an ideal combination between our respective areas of expertise, issuing prepaid programmes on one side and managing state-of-the-art technology services around payments on the other side” commented Cristina Astore, Head of SIA North West Europe.