ISX Financial® Gains Direct ECB T2 Settlement Through Xryma Plc Group Capabilities

ISX Financial® customers can now settle cross-border euro payments in central bank money, in seconds rather than days, following Xryma Plc going live on the European Central Bank’s T2 Real-Time Gross Settlement (RTGS) network. Settlement takes place under the group’s own BIC, ISEMCY22XXX.

Global euro transfers are available now to ISX Money® customers, and will shortly extend to flykk® customers.

What direct T2 access means for our customers

T2 is the Eurosystem’s RTGS platform, operated by the ECB and the backbone of large-value euro settlement across Europe. Direct participation means euro payments made through ISX Financial® no longer depend on chains of correspondent banks. Where a conventional SWIFT transfer typically takes three to five business days and passes through multiple intermediaries, most euro transactions now settle in central bank money within 40 seconds on any business day.

The performance of the underlying network is well documented: the ECB’s TARGET Services Annual Report 2023 recorded 90% of T2 transactions settling within 38 seconds, and the ECB’s 2024 Annual Report confirmed that 99.73% of payments were processed in under two minutes.

The practical outcomes for account holders are immediate:

• Speed. Cross-border euro transfers settle in seconds, not days.
• Certainty. Settlement occurs in central bank money, the highest form of settlement, with irrevocable finality.
• Transparency. Payments are traceable end to end, without disappearing into correspondent chains.
• Reduced friction. T2 limits compliance checks to the sending and receiving institutions, streamlining the process with no reduction in screening or oversight.
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Infrastructure built at group level

This capability reflects the infrastructure strategy of Xryma Plc, which trades as ISX Financial®. Xryma is one of the first non-bank payment service providers to gain direct access to the Eurosystem’s T2 network, and has engineered dual, independent pathways into the Eurosystem via the Bank of Lithuania and the Bank of Latvia, providing a level of routing resilience unusual among non-bank providers.

The ECB has announced plans to extend T2 to 24/7 operation, which will expand near-instant euro settlement to customers transacting with more than 950 direct participant banks across the EU, and rapid settlement to more than 22,500 indirect participant banks worldwide. The group has also upgraded its SEPA Instant services to TIPS, which will extend into cross-border and multi-currency services in the near future.

Nikogiannis (John) Karantzis, Group Chief Executive Officer and Managing Director, commented:

"Going commercially live on the ECB’s T2 RTGS network marks another significant milestone in Xryma’s evolution as a banktech group. ECB T2 network connectivity through our own BIC strengthens our payments infrastructure, enhances our ability to deliver faster and more efficient cross-border euro payments, and reinforces our commitment to providing institutional-grade banking solutions to our customers.

The benefits to our customers are tangible and immediate. Just as SEPA Instant transformed domestic payments within the EEA, the forthcoming 24/7 T2 RTGS network will do the same for international euro transfers. Xryma Plc can now offer our customers high-value, low-friction cross-border payments at a speed that simply was not possible before."

ISX Financial® is a trading name of Xryma Plc, an Electronic Money Institution authorised by the Central Bank of Cyprus and the UK FCA.