- The bank will provide its customers with seamless cross-border money transfers into Europe starting with the Republic of Ireland in the first quarter of the new year.
While Instant Euro credit transfers in the Single Euro Payments Area (SEPA) are now possible since past 21 November, Starling Bank has become the first of the UK digital-only, or alternatively known as ‘challenger’, banks to become direct member and participant of the STEP2 SEPA Core Direct Debit and SEPA Credit Transfer Scheme, the so-called SEPA payments system.
Founded by former Allied Irish Banks COO, Anne Boden in January 2014, and based in London, Starling Bank became the first mobile only bank to be granted approval from the Prudential Regulation Authority and the Financial Conduct Authority to offer customers direct access to a wide range of financial products, including loans, insurance, mortgages, ISAs and other investment products, all from within its app.
Now having secured its banking passport into Europe this year, it will allow Starling to deal directly with other European banks, giving consumers a greater offer for cross-border payments into Europe. The bank’s infrastructure will support Starling’s payment services business – for both retail and wholesale banking – and it will strengthen the bank’s European expansion plans.
Starling Bank CEO, Anne Boden commented: “We are very excited about today’s announcements that will stimulate our expansion into Europe by ensuring our customers are not burdened by arcane financial arrangements that slow down cross-border payments".
The SEPA implementation means that the user-oriented bank is now well positioned to execute efficiently and timely payments to European customers starting with the Republic of Ireland in the first quarter of the new year.
"This is another important step towards our goal of offering both our retail proposition and our payment solutions to clients across Europe", added Boden.
The new arrangements will allow its customers to make seamless cross-border money transfers building on the company’s existing direct participation of the Target 2 payment system, providing Starling access to real-time settlement information and control features.
- The bank will provide its customers with seamless cross-border money transfers into Europe starting with the Republic of Ireland in the first quarter of the new year.
While Instant Euro credit transfers in the Single Euro Payments Area (SEPA) are now possible since past 21 November, Starling Bank has become the first of the UK digital-only, or alternatively known as ‘challenger’, banks to become direct member and participant of the STEP2 SEPA Core Direct Debit and SEPA Credit Transfer Scheme, the so-called SEPA payments system.
Founded by former Allied Irish Banks COO, Anne Boden in January 2014, and based in London, Starling Bank became the first mobile only bank to be granted approval from the Prudential Regulation Authority and the Financial Conduct Authority to offer customers direct access to a wide range of financial products, including loans, insurance, mortgages, ISAs and other investment products, all from within its app.
Now having secured its banking passport into Europe this year, it will allow Starling to deal directly with other European banks, giving consumers a greater offer for cross-border payments into Europe. The bank’s infrastructure will support Starling’s payment services business – for both retail and wholesale banking – and it will strengthen the bank’s European expansion plans.
Starling Bank CEO, Anne Boden commented: “We are very excited about today’s announcements that will stimulate our expansion into Europe by ensuring our customers are not burdened by arcane financial arrangements that slow down cross-border payments".
The SEPA implementation means that the user-oriented bank is now well positioned to execute efficiently and timely payments to European customers starting with the Republic of Ireland in the first quarter of the new year.
"This is another important step towards our goal of offering both our retail proposition and our payment solutions to clients across Europe", added Boden.
The new arrangements will allow its customers to make seamless cross-border money transfers building on the company’s existing direct participation of the Target 2 payment system, providing Starling access to real-time settlement information and control features.
