#Tips #Bulgaria #Sofia #Montran #BORICA

BORICA Enhances Cross-Border Instant Payment Interoperability in Bulgaria

On March 10, 2025, in Sofia, Bulgaria, BORICA, the nation's premier payment service provider, announced the successful implementation of the TIPS (TARGET Instant Payment Settlement) connectivity module developed by Montran. This significant advancement enables Bulgarian banking institutions to connect seamlessly to TIPS, the European Central Bank's instant payment service, which integrates with Bulgaria's existing BISERA payment system.

Expanding Local Payment Services

The introduction of the TIPS connectivity is set to expand the existing local instant payment service, Blink, by facilitating euro payments for both local and SEPA transactions via the SCT Inst payment system. This move is designed to ensure that Bulgarian banks can operate efficiently within the evolving landscape of digital payments, accommodating increasing demands for speed and reliability in financial transactions.

A Future-Proof Solution

BORICA aimed for a comprehensive and future-proof solution that would not only connect member banks to TIPS but also improve liquidity management capabilities. Building upon Montran's existing instant payments platform, the solution includes two prefunding modules: one focused on TIPS to support international reach and the other designed for EURO INST to handle domestic transfers effectively. These advancements empower banks to manage their liquidity positions across both systems through uniform interfaces, significantly enhancing their ability to initiate fund transfers flexibly.

In addition to these features, the solution incorporates advanced liquidity monitoring and control with a seamless interface to TIPS, T2, and STEP2 through the international SWIFT network. This availability exemplifies the integration of cutting-edge technology to boost operational efficacy in Bulgarian banks.

Ensuring Operational Efficiency

According to Vania Ganeva, Head of Payment Services at BORICA, “With Montran’s solution, we can provide our member banks with efficient access to TIPS for instant payments.” The enhanced liquidity management tools pave the way for banks to optimize their positions in both TIPS and EURO INST, ensuring operational efficiency while adhering to European standards. This response demonstrates their commitment to modernization and meets the needs of the evolving financial ecosystem.

A Partnership for Innovation

Keith Esca, Global Sales Director at Montran, emphasized that “our collaboration with BORICA is a testament to Montran’s dedication to delivering tailored solutions for specific market requirements.” The successful deployment of this TIPS connectivity module highlights the strength of their partnership in driving innovations that facilitate instant payments and support SEPA compliance for Bulgarian financial institutions.

Adapting to New Standards

After extensive testing, the TIPS connectivity module is now live, adapting Bulgaria’s payment infrastructure to meet the latest European standards for instant payments and settlements. This milestone represents a significant step towards enhancing efficiency and cross-border interoperability within the nation’s payment systems, positioning Bulgaria prominently in the digital finance landscape.

About Montran

Montran is recognized as a leading provider of payment and capital market infrastructure solutions, serving top financial institutions with mission-critical installations and operations across more than 90 countries. For more information, visit www.montran.com.

About BORICA

BORICA AD is a Bulgarian joint-stock company owned by 19 local banks. It has developed and operates the technological infrastructure of Bulgaria's payment sector, serving as a reliable partner to the public sector, banks, and payment institutions for over three decades. BORICA is committed to offering modern and innovative solutions to financial institutions, ensuring robust payment services that meet contemporary demands.