SOFIA,
Bulgaria, March 10, 2025 /PRNewswire/ -- BORICA, the
Bulgarian national payment operator, has successfully launched a
TIPS (TARGET Instant Payment Settlement) connectivity module
developed by Montran. This solution enables Bulgarian banks to
access TIPS, the ECB's instant payments service, integrating with
Bulgaria's BISERA. The current
local instant payments service, Blink, is now
expanded over the SCT Inst payment scheme in Euro for local and
SEPA area payments.
BORICA sought a comprehensive, future-ready solution to connect
its member banks to TIPS while enhancing liquidity management
capabilities. Montran, building on its existing Instant Payments
platform at BORICA, delivered a tailored enhancement featuring two
prefunding modules: one for TIPS, supporting international
reachability, and another for EURO INST, servicing national
transfers. These modules empower banks to manage their liquidity
positions across both systems via unified interfaces, offering
flexibility to initiate funding or defunding.
The solution also includes advanced liquidity monitoring and
controls, with seamless interfacing to TIPS, T2, and STEP2
via Swift.
"With Montran's solution, we can now provide our member banks
with a streamlined, efficient way to access TIPS for instant
payments," said Vania Ganeva, Head
of Payment Services at BORICA. "The enhanced liquidity management
tools allow banks to optimize their positions across TIPS and EURO
INST, ensuring operational efficiency and compliance with European
standards."
Keith Esca, Global Sales Director
at Montran, added, "Our collaboration with BORICA exemplifies
Montran's commitment to delivering tailored solutions that address
specific market needs. The successful go-live of this TIPS
connectivity module highlights the strength of our partnership in
driving innovation, enabling instant payments, and supporting SEPA
compliance for Bulgarian banks."
Following rigorous testing, the TIPS connectivity module is now
operational, aligning Bulgaria's
payments infrastructure with the latest European standards for
instant payments and settlement. This milestone marks a significant
step forward in advancing the efficiency and cross-border
interoperability of the country's payment systems.
About Montran
Montran is the leading provider of Payment and Capital Market
Infrastructure solutions, servicing the world's foremost financial
institutions with mission critical installations and operations in
over 90 countries. Discover more at www.montran.com.
About BORICA
BORICA AD is a Bulgarian joint stock company, and its
shareholders are 19 banks in the country. The company has developed
and nowadays provides and operates the technology infrastructure of
the Bulgarian payment industry. In doing so, BORICA has been a
trusted partner of public sector, banks and payment institutions
for over 30 years. The Company is committed to providing modern and
innovative solutions to financial institutions.
View original
content:https://www.prnewswire.co.uk/news-releases/borica-advances-bulgarias-cross-border-instant-payments-interoperability-with-montrans-tips-connectivity-module-302391795.html
