Xryma Plc Launches Real-Time Euro Payments via ECB's T2 Network
Xryma Plc, a banktech group offering cross-border payment services in Europe and the UK, has launched real-time euro payments through its connection to the European Central Bank’s (ECB) T2 Real-Time Gross Settlement network. This marks Xryma as one of the first non-bank payment service providers with direct access to this critical infrastructure, enabling near-instant settlement for customers using ISX Money and soon flykk® services. The ECB's T2 system is a secure backbone for large-value euro transactions, offering faster processing times compared to traditional SWIFT-based transfers that often take three to five business days. According to the ECB’s reports, over 90% of T2 payments are settled within seconds and nearly all in under two minutes. Xryma's integration allows customers to settle most euro transactions in central bank money within 40 seconds on any business day. Xryma has also optimized its infrastructure by using multiple entry points via the Bank of Lithuania and Latvia, improving traffic management into T2. The ECB plans to expand T2 operations to 24/7 service, which will further enhance Xryma’s ability to provide instant euro settlement across a vast network of direct and indirect participant banks.
Topics: cross-border payments fintech innovation real-time gross settlement (RTGS)