#Tips #Bulgaria #Sofia #Montran #BORICA

BORICA Enhances Cross-Border Instant Payment Interoperability in Bulgaria

In a significant advancement for Bulgaria's financial infrastructure, the national payment operator BORICA has successfully implemented a new module designed for connectivity with TIPS, or TARGET Instant Payment Settlement. This innovative solution, developed by Montran, is set to revolutionize how Bulgarian banks process instant payments by integrating with the local BISERA system, thus expanding their operational capabilities.

A Leap Forward in Instant Payments

Launched on March 10, 2025, this project allows Bulgarian financial institutions to make use of the TIPS service provided by the European Central Bank (ECB) for instant payments. Notably, the existing domestic instant payment service, known as Blink, will now incorporate the SCT Inst scheme for euro-denominated payments, both domestically and across the SEPA (Single Euro Payments Area).

BORICA's strategic focus was on finding a comprehensive, future-ready solution that would not only connect its member banks to TIPS but also improve liquidity management options available to them. Montran responded to this need by providing a tailor-made extension to its existing Instant Payments platform used by BORICA. This extension comprises two pre-financing modules: one dedicated to TIPS, enhancing international availability, and the second for EURO INST, which facilitates domestic transfers.

The introduction of these modules equips banks with the tools necessary to manage their liquidity positions across both systems using a single interface. This streamlining is crucial for operational efficiency and flexibility, enabling banks to initiate and conclude financing seamlessly.

Advanced Liquidity Monitoring Capabilities

Additionally, the solution includes sophisticated liquidity monitoring features, ensuring seamless integration with TIPS, T2, and STEP2 via Swift. Vania Ganeva, head of payment services at BORICA, commented on the impact of Montran’s solution: "We can now provide our member banks with a simplified and efficient access to the TIPS instant payment system. The enhanced liquidity management tools will allow banks to optimize their positions in TIPS and EURO INST, ensuring operational efficiency and compliance with European standards."

The successful implementation of the TIPS connectivity module signifies a powerful partnership between BORICA and Montran, showcasing their commitment to delivering tailored solutions that meet market needs. Keith Esca, Montran’s Global Commercial Director, highlighted this collaboration as an exemplary case of their dedication to innovation, ensuring instant payments and compliance with SEPA regulations for Bulgarian banks.

This TIPS connectivity module has undergone rigorous testing and is now operational, aligning Bulgaria's payment infrastructure with the latest European instant payment and settlement standards. This milestone not only represents a significant step forward in enhancing the efficiency of the Bulgarian payment systems but also boosts cross-border interoperability.

About Montran

Montran has been a leading provider of payment infrastructure solutions, supporting prominent financial institutions across over 90 countries. Their dedication to developing advanced payment technologies has made them a trusted partner in the industry. To learn more, visit www.montran.com.

About BORICA

Established as a joint-stock company, BORICA is owned by 19 domestic banks and has played a pivotal role in developing and operating Bulgaria's payment system for over three decades. By continuously offering innovative solutions, BORICA remains a trusted partner for public sectors and financial institutions alike.