#Tips #Bulgaria #Sofia #Montran #BORICA

Enhancing Payment Systems in Bulgaria

In a significant advancement for Bulgaria's financial ecosystem, BORICA has successfully rolled out a TARGET Instant Payment Settlement (TIPS) connectivity module developed by Montran. This innovative solution opens up avenues for Bulgarian banks to access the European Central Bank’s instant payment service, marking a new era in payment interoperability.

A New Era of Instant Payments

The introduction of the TIPS module is pivotal, allowing Bulgarian financial institutions to integrate their existing BISERA system with TIPS. As a result, local instant payment services, such as Blink, can now extend to handle euro transactions and comply with the SEPA (Single Euro Payments Area) standards. This integration ensures that transactions can be processed swiftly and efficiently, both within Bulgaria and across Europe.

Vania Ganeva, BORICA's Payment Services Director, highlights that this initiative is geared towards providing member banks with an efficient and streamlined approach to accessing TIPS. "The enhanced liquidity management tools enable banks to optimize their positions on TIPS and EURO INST, ensuring operational efficiency and compliance with European standards," she noted.

Custom Solutions for Dynamic Markets

The backbone of this solution leverages Montran's existing instant payment platform used by BORICA. This platform has been customized to meet the unique requirements of Bulgarian banks, featuring two particular modules for pre-financing: one specifically for TIPS to facilitate international accessibility, and another for EURO INST focused on national transfers. These features allow financial institutions to manage their liquidity positions across both systems seamlessly.

Furthermore, the solution includes advanced liquidity monitoring and controls, ensuring banks can undertake financing or repayments smoothly. It provides a unified interface, thus retaining high levels of operational integrity.

Successful Partnership

Keith Esca, Global Sales Director at Montran, expresses pride in the collaboration with BORICA, emphasizing its commitment to tailored solutions that meet the specific needs of the market. The successful launch of the TIPS connectivity module exemplifies the strength of their partnership in the realms of innovation, instant payments, and SEPA compliance.

After rigorous testing, the TIPS connectivity module is now operational. It aligns the Bulgarian payment infrastructure with leading European standards for instant payments and settlements, marking a vital advancement in the country's payment system's interoperability on an international scale.

About Montran

Montran stands as a leading provider of payment infrastructure solutions, boasting a client base that includes some of the world's largest financial establishments. With operational facilities in over 90 countries, Montran remains dedicated to advancing the financial technology landscape.

About BORICA

BORICA AD is a joint-stock company in Bulgaria, owned by 19 local banks. The entity has been instrumental in developing and maintaining the technological infrastructure for the Bulgarian payment sector for more than three decades. It continues to deliver modern and innovative solutions to financial institutions, fostering trust and collaboration across the banking ecosystem.

In conclusion, the integration of the TIPS module into BORICA's operations heralds a new chapter for the Bulgarian banking sector, enhancing its capabilities to manage international instant payments while adhering to stringent European standards for security and efficiency.