#Cyprus #Nicosia #ISX Financial #T2 RTGS #Eurosystem

ISX Financial EU Plc Secures T2 RTGS Access

ISX Financial EU Plc (ISXX), a licensed Electronic Money Institution (EMI) authorized by the EEA, has achieved a significant milestone by obtaining access to the T2 (real-time gross settlement) payment platform operated by the Eurosystem. This development, authorized by the Central Bank of Cyprus (CBC), positions ISXX among the key non-bank entities capable of directly interacting with the RTGS system. The relevance of this milestone cannot be overstated as it marks a transformative shift in ISXX's operational framework.

The authorization permits ISXX to manage its liquidity independently within the central bank’s accounts, a strategic advantage that enhances its operational capabilities without reliance on external banking sponsors. This independence is particularly valuable for processing high-value cross-border payments devoid of the typical requirements imposed on electronic money and payment service entities.

Nikogiannis Karantzis, ISXX's CEO, expressed optimism regarding this new access: "Becoming a direct participant in the T2 RTGS system enhances our credibility and instills greater trust among our counterparts while simultaneously diminishing operational risks. Importantly, it broadens our product range, allowing us to serve our clients better."

With the T2 access, ISXX is equipped to autonomously handle its SWIFT payments, providing a robust platform to transfer and receive payments in euros without depending on the SWIFT/BIC designation of a banking sponsor. This self-sufficiency is crucial in fortifying its position within global correspondent networks, consequently augmenting its cross-border operational capacities.

Furthermore, this integration lays the groundwork for ISXX's future connection with the TARGET Instant Payment Settlement (TIPS) mechanism. This will facilitate instant payments not only in euros but also in Danish krone (DKK) and Swedish krona (SEK) directly through the respective central banks. The potential benefits include reduced costs, significant improvements in settlement speeds, and lowered counterparty risks.

As ISXX progresses, it has also established integration with the Central Bank of Latvia and is on the brink of completing connectivity with the Central Bank of Lithuania. These advancements will enable diversity in operational routes and enhance system redundancy, positively impacting the company's short-term revenue streams.

About ISX Financial EU Plc

Founded in Nicosia, ISX Financial EU Plc has swiftly emerged as a leader in the banking technology sector within the EEA. It is recognized as an EMI by the Central Bank of Cyprus and is regulated by the Financial Conduct Authority in the UK. Leading the firm is Nikogiannis (Nickolas John) Karantzis, who carries over 30 years of extensive expertise within the industry, particularly in secure digital companies across sectors like telecommunications, IPTV, payments, and electronic money.

Karantzis holds degrees in Engineering, Law, and Business, in addition to being a registered intellectual property lawyer in Trans Tasman and a member of Engineers Australia. His leadership is pivotal as ISX drives innovation and strives to reshape the landscape of digital financial solutions.