#Tips #Bulgaria #Sofia #Montran #BORICA

BORICA's Strategic Move to Enhance Payment Systems

In a significant development for the financial sector in Bulgaria, BORICA, the national payment operator, has successfully launched a TIPS (TARGET Instant Payment Settlement) connectivity module developed by Montran. This new solution allows Bulgarian banks to seamlessly connect to TIPS, a European Central Bank initiative for instant payments, integrated with the local BISERA payment system.

The introduction of this module comes as BORICA seeks to provide a forward-thinking solution that connects its member banks to the TIPS module while improving liquidity management capabilities. With existing local instant payment services provided by Blink, this enhancement now incorporates the SCT Inst payment scheme in euros for both local and SEPA payments.

The collaboration with Montran has led to the development of a tailored improvement featuring dual pre-financing modules. One is designed specifically for TIPS, supporting international accessibility, while the other is geared towards the EURO INST module, catering to domestic transfers. This setup enables banks to better manage their liquidity positions in both systems through unified interfaces, which offer flexibility in initiating or canceling financing.

Furthermore, the newly implemented solution includes advanced liquidity monitoring and control, allowing for effortless integration with TIPS, T2, and STEP2 modules via the Swift network.

Vania Ganeva, head of payment services at BORICA, highlighted the effectiveness of this new system, stating, "With Montran's solution, we can now offer our member banks a simplified and efficient way to access the TIPS module for instant payments. Enhanced liquidity management tools allow banks to optimize their positions within TIPS and EURO INST, ensuring operational efficiency and compliance with European standards."

Keith Esca, global chief commercial officer at Montran, commended the partnership, stating, “Our collaboration with BORICA is a clear indication of Montran's commitment to delivering tailored solutions that meet specific market needs. The successful launch of this TIPS connectivity module illustrates the strength of our partnership in advancing innovation, enabling instant payments, and supporting SEPA compliance for Bulgarian banks.”

After rigorous testing, the TIPS connectivity module is now operational, aligning Bulgaria’s payment infrastructure with the latest European standards for instant payments and settlements. This milestone signifies a critical step forward in enhancing the efficiency and cross-border interoperability of the country’s payment systems.

About Montran

Montran stands as a leading provider of payment and capital market infrastructure solutions, delivering critical services to major financial institutions across more than 90 countries worldwide. More information can be found at www.montran.com.

About BORICA

BORICA AD is a Bulgarian joint-stock company, owned by 19 banks in the country. Established over 30 years ago, BORICA has developed and operated the technological infrastructure of Bulgaria's payment sector. The company is recognized as a trusted partner for the public sector, banks, and payment institutions, committed to delivering innovative financial solutions.