Xryma Plc begins operations on ECB's T2 real-time gross settlement network
Xryma Plc has commenced operations on the European Central Bank's (ECB) T2 real-time gross settlement (RTGS) system. This allows the company's clients to conduct cross-border euro payments in near real-time.
Banking technology group Xryma Plc announced it has begun actively operating on the European Central Bank's (ECB) T2 real-time gross settlement (RTGS) network. The move allows Xryma's clients to execute cross-border euro payments almost instantaneously using the company's own BIC code.
This integration significantly speeds up international euro payments. Traditional SWIFT-based transfers typically take several business days and involve multiple intermediary banks. The ECB's T2 system, in contrast, settles transactions in near real-time, enhancing efficiency and reducing costs.
Xryma is among the first non-bank payment service providers (PSPs) to gain direct access to the Eurosystem's T2 network. The company leverages SEPA Instant payments for rapid settlement and has developed a model that balances traffic load across multiple central banks for optimal performance, deviating from the conventional single-route model.
The company focuses on enabling businesses to move money across borders quickly. By eliminating the multiple bank "hops" inherent in traditional SWIFT networks, Xryma's clients can now settle euro transactions in central bank money within approximately 40 seconds. This offers faster, more transparent, and traceable payment flows.
The ECB plans to expand the T2 system's operations to a 24/7 regime, which will further enhance Xryma's capability to provide instant euro settlement to clients globally. Xryma has also upgraded its SEPA Instant services to TIPS.