Sopra Banking Software (SBS) has introduced its cloud-based Instant Payments solution, aiming to facilitate secure instant payments for consumers. This technology is designed to address the evolving regulatory landscape, particularly in Europe's Single Euro Payments Area (SEPA), which mandates payments to be processed within ten seconds or less, free of charge, and at any time of the day.

According to the company press release, legacy systems prevalent in banks and financial institutions often face challenges in meeting these requirements due to routine downtime for maintenance. SBS's Instant Payments solution, integrated within its Sopra Banking Platform (SBP), leverages API-based software to enable seamless integration into existing systems. With a cloud-native architecture, the solution promises uninterrupted availability and real-time processing capabilities, supporting up to 1,500 transactions per second according to the same source.

Key features of the solution Some of the most important elements of this solution include compliance with market standards like REST API and ISO, compatibility with major Clearing and Settlement Mechanisms (CSMs) in Europe, and AI-powered crime management to mitigate fraudulent activities in real time. SBS emphasises fast and cost-efficient Software as a Service (SaaS) implementation, allowing financial institutions to swiftly adapt to regulatory changes while optimizing Total Cost of Ownership (TCO). Representatives from Sopra Banking Software highlighted the necessity for banks to adapt to evolving consumer expectations and regulatory standards.

SBP Instant Payments is part of SBS's broader Digital Core Solution, offering a range of services such as cloud-based card processing, request-to-pay, payment reporting, and payments crime management. Notably, the solution has been adopted by major European banks and financial institutions and processes a significant portion of instant payments in France. .