Iorys connects Tonio to SEPA & SEPA INST via CENTROlink
London, December 1, 2021 – Tonio Limited, one of the pioneers in the money remittance business between the United Kingdom and Poland, expands its coverage to Eurozone with SEPA payments.
Iorys Payment HUB, one of the leading gateways on the financial markets, provides Tonio Limited seamless integration with the Clearance and Settlement Mechanism (CSM) of Central Bank of Lithuania – CENTROlink.
The Republic of Lithuania presently is the only country in Europe that enables regulated FinTech firms to connect to its CSM in similar conditions, as credit institutions. Thus, the banks have now lost their monopoly for direct connection to SEPA payment schemes. Many FinTech firms from the UK and the EEA, which comply with certain requirements of the Bank of Lithuania, now can benefit from direct access to all SEPA schemes bypassing the traditional commercial banks. The bottom line is this gives FinTech firms the ability to accomplish three key achievements:
- Issue unique IBANs in EUR currency;
- offer mass pay-in/our solutions;
- receive and deliver funds with lightning speed at ultra-low fees (1 cent per payment)
Iorys, being on the short list of Bank of Lithuania as a technical provider for SEPA connection, provides access to CENTROlink via its Payment HUB both for SEPA Credit Transfer (SCT) and for SEPA INSTANT Credit Transfer (SCT Inst.).
Besides the provision of the purely technical connection to CENTROlink, we assist clients to pass all the test scenarios, which are required prior to going LIVE with the Lithuanian CSM. We also provide key support towards obtaining a SWIFT code, as well assisting with completion of relevant documents for submission to the European Payments Council. This is the last step which renders IBANs to be reachable for other SEPA scheme participants.
In addition, Tonio uses Iorys HUB to the connect to Rietumu Bank for international money remittances in various currencies.
Abdullah Munawar, Director of Tonio Limited
“We are delighted that Tonio has reached new business possibilities through a cost-effective and efficient EUR transaction without any intermediaries in the payment chain. Our collaboration enables us to structure unique products in the future. We are able to focus on the growth of the business without major financial investments, and to compete with mature banks and FinTechs of the Eurozone”
Arie Chiche, Director and Co-Founder of Iorys says:
“Tonio project is another satisfied client services by our team. With every project similar to Tonio’s we observe our expert delivery both from the technological side, and our expertise of the payment industry. I wish good luck to our client in achieving new heights on the Fintech battlefield.”
About Tonio
Tonio Limited is an FCA regulated Authorised Payment Institution since 2012. It is one of the oldest Fintech firms specializing in money transfers for private and corporate entities between the UK and the European Union.
About Iorys
Iorys is a modular ready-to-use payment gateway for all types of financial and payment companies, which enables with one single integration connection to a variety of payment schemes, banks, acquirers, PSPs, card issuers, crypto exchangers, AML providers and other institutions.
