Xryma Plc Live on ECB T2 Network for Near-Instant Euro Payments

Xryma Plc has gone live on the European Central Bank's (ECB) T2 Real-Time Gross Settlement (RTGS) network, allowing for near-instant cross-border euro payments. The company, a banktech group providing regulated cross-border open banking and international transactional services, is one of the first non-bank payment service providers (PSPs) to gain direct access to the Eurosystem's T2 network.

Xryma's customers can now settle most euro transactions in central bank money within 40 seconds on any business day, a significant improvement over the three to five business days typical of legacy payment rails. This is made possible by Xryma's comprehensive banktech model, which combines fintech agility with bank-grade deep infrastructure.

The company has also upgraded its SEPA instant services to TIPS, extending into cross-border and multi-currency services in the near future. According to the ECB, 90% of transactions were settled within 38 seconds, while 0.09% took more than five minutes, highlighting the efficiency of the T2 network.

Nikogiannis (John) Karantzis, Group Chief Executive Officer and Managing Director of Xryma Plc, commented that going commercially live on the ECB's T2 RTGS network marks a significant milestone in Xryma's evolution as a banktech group. He emphasized the benefits to customers, including faster and more efficient cross-border euro payments.