Xryma Goes Live on the ECB’s T2 Network: Cross-Border Euro Payments Settled in Seconds, Not Days
Xryma Plc is now live and actively transacting on the European Central Bank’s T2 Real-Time Gross Settlement (RTGS) network, settling cross-border euro payments under its own BIC, ISEMCY22XXX.
Global euro transfers are now available to customers of ISX Money®, and will shortly extend to flykk® customers.
Why T2 matters
T2 is the Eurosystem’s RTGS platform, operated by the ECB and the backbone of large-value euro settlement. Payments on T2 settle in central bank money, the highest form of settlement, bringing certainty and stability to every transaction.
The contrast with legacy correspondent banking is stark. A conventional SWIFT transfer typically takes three to five business days and passes through multiple intermediary banks, each adding cost, delay and a separate compliance check. On T2, most transactions settle in near real-time: the ECB’s TARGET Services Annual Report 2023 recorded 90% of transactions settling within 38 seconds, and the ECB’s 2024 Annual Report confirmed that 99.73% of T2 payments were processed in under two minutes.
Built for resilience, not just speed
Xryma is one of the first non-bank payment service providers to gain direct access to the Eurosystem’s T2 network. That access sits on an architecture designed for resilience: as an early adopter of SEPA Instant, Xryma built dual, independent pathways into the Eurosystem via the Bank of Lithuania and the Bank of Latvia, moving away from the conventional single-path model and allowing traffic to be load-balanced across routes.
The result for customers is practical, not theoretical. Most euro transactions now settle in central bank money within 40 seconds on any business day, replacing the three to five days typical of legacy rails with payment flows that are faster, more transparent, traceable and more resilient. Compliance friction is also materially reduced: where SWIFT requires a separate check at every correspondent hop, T2 limits checks to the sending and receiving institutions, with no reduction in screening or oversight.
What comes next
The ECB has announced plans to extend T2 to 24/7 operation, which will further expand Xryma’s ability to offer 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. Xryma 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 of Xryma Plc, 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."
As Europe’s payments ecosystem continues to evolve, providers that combine fintech agility with direct access to trusted settlement infrastructure such as T2 will be best positioned to lead the next phase of digital payment transformation.