Barclays introduces new SCT service for FinTechs

Barclays and payment tech provider Form3 have announced the addition of a SEPA Credit Transfer (SCT) service to their combined directly connected access solution.

The partnership, which is already live with SEPA Instant, now offers reachability for SEPA payment transactions through a connectivity service available to Barclays’ customers who are regulated payment service providers.

This specialised cloud-native SEPA solution enables scheme connectivity for both SEPA Instant and SCT.

Barclays’ FinTech customers now have direct technical access to the SEPA payment schemes, with connectivity enabled by the fully managed Form3 technical service accessed through a single API. Barclays will support in its role as a dedicated liquidity service provider enabling settlement with the schemes on the FinTech’s behalf.

For FinTechs, this direct technical connectivity was previously only an option for credit institutions holding their own liquidity.

“Our continued close collaboration with Form3 has allowed us to add a SEPA Credit transfer service alongside our SEPA Instant proposition which we jointly launched in 2020,” said Martin Runow, global head of payments, FX and digital, Barclays Corporate Banking. “This is another key step in enabling Payment Service Providers to offer comprehensive pan-European payment and receipt solutions to their underlying customers.”

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