The Payments Council of the Bank of Finland began promoting the introduction of an account-based instant payment solution in Finland in 2022.
The objective was to create a model that meets the instant payment targets of the Eurosystem and the European Commission in a compatible and harmonised manner. The solution increases competition in the retail payments market and provides an alternative to card and cash payments.
To support the development of the instant payment solution, a working group coordinated by the Bank of Finland was established. In 2024, a rulebook was completed, setting out principles such as pan-European standards, a centralised register, an open operating model, and clear identification of the payment method.
Bank of Finland identified a commercial operator for the instant payment solution
The Bank of Finland surveyed potential operators in spring 2025. In October, the Bank of Finland proposed to the Payments Council that Siirto Brand Oy is the most suitable implementer. The Payments Council transfers responsibility for development to Siirto Brand.
“Finland needs alternatives for payments at the point of sale. This need has become even more pronounced due to the increasingly tense geopolitical situation. It is important to ensure the resilience and reliability of domestic payment systems,” says Tuomas Välimäki, Member of the Board of the Bank of Finland and Chair of the Payments Council.
“At Siirto, we are proud that the Payments Council has recognised our capabilities in delivering this solution. Instant payments bring speed, security and ease to everyday payments in Finland. We aim to contribute to making instant payments доступible to everyone in Finland in the future,” says Mikko Ketola, Chief Executive Officer of Siirto Brand Oy.
