The Bank of Finland announced that Finland’s Payments Council has selected Siirto Brand Oy as the commercial service provider for a Finnish account-based instant payment solution and will transfer to it responsibility for developing the Finnish Instant Payments Scheme Rulebook. The Payments Council has promoted a domestic instant payment instrument since 2022 to support Eurosystem and European Commission instant-payment objectives through a European-compatible system and to provide an alternative to card and cash payments. A working group coordinated by the Bank of Finland produced the Rulebook in 2024, setting principles including use of common European standards, a centralised register, an open operating model, market stakeholder input into future Rulebook development, and a clear payment-instrument identity. After agreeing in spring 2025 to seek a commercial provider, the Bank of Finland assessed operators’ readiness and presented its proposal at the Council’s 10 October 2025 meeting; the Payments Council will continue to monitor progress and implementation of the Rulebook principles.
Bank of Finland 2025-10-28
Bank of Finland-supported Payments Council transfers development of Finnish instant payment solution to Siirto Brand Oy
The Bank of Finland announced that Finland’s Payments Council appointed Siirto Brand Oy as the commercial service provider for a Finnish account-based instant payment solution. The Payments Council has promoted this domestic instant payment instrument since 2022 to align with Eurosystem and European Commission objectives. The Council will continue overseeing the implementation of the Finnish Instant Payments Scheme Rulebook, developed in 2024.