Xryma enables cross-border euro settlement within 40 seconds via ECB’s T2 network

  • Xryma Plc went live on the ECB’s T2 RTGS network under its own BIC.
  • Xryma said most euro transactions can settle in central bank money within 40 seconds.
  • Xryma routes T2 traffic through the Bank of Lithuania and Bank of Latvia.

Xryma Plc said it is live and actively transacting on the European Central Bank’s T2 Real-Time Gross Settlement (RTGS) network under its own BIC, ISEMCY22XXX. The connection allows customers of its ISX Money service, and soon flykk® customers, to send global euro transfers that can settle in central bank money within 40 seconds on business days. T2 is the Eurosystem’s large-value euro settlement system, while RTGS (real-time gross settlement) processes transactions individually rather than through delayed netting. Xryma said its direct access removes intermediary-bank hops common in SWIFT-based correspondent banking, where transfers typically take three to five business days. The company is also routing traffic through independent pathways via the Bank of Lithuania and Bank of Latvia, and has upgraded its SEPA Instant services to TIPS. The ECB plans to extend T2 to 24/7 operations, which Xryma said would broaden access to more than 950 direct participant banks in the EU and more than 22,500 indirect participant banks worldwide.

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