TBI Bank lands instant pay partner in Europe
TBI Bank is an early regional adopter of a program that allows SEPA instant faster payments for digital lending clients.
Sofia, Bulgaria-based TBI will offer the payment service through Bank of Lithuania, allowing its customers to send and receive up to 15,000 euros within seconds inside the European Union on a 24/7 basis.
SEPA Instant Credit Transfer was launched in 2017 as part of the Single Euro Payments Area initiative of the past decade, signaling the start of instant cross-border transactions.
The solution will be part of TBI's banking-as-a-service platform, initially available for business partners. One of the first partners is 4Finance, a digital-based consumer lending company operating in 13 countries.
Retail customers would benefit from receiving incoming transfers to TBI Bank from all European banks in seconds, no matter when they were sent.
"This is a move of major importance for us," Petr Baron, CEO of TBI, said in a Thursday press release. "It proves that our investments in cutting-edge digital solutions are beneficial for our business partners and customers."
The new service will remind TBI clients of the improvements made in the switch from dial-up to broadband services years ago, Baron added.
The partnership helps TBI Bank continue its strategy as next-generation digital lender and the SEPA Instant service will complement the bank's Payment Hub service that offers loan approval in real time.