RYVYL EU Receives Approval to Launch Single Euro Payments Area (SEPA) Instant Payments in Europe
San Diego, June 06, 2023 (GLOBE NEWSWIRE) -- RYVYL (NASDAQ: RVYL) ("RYVYL" or the "Company"), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, announces that RYVYL EU, a wholly-owned subsidiary in Europe and a fully licensed electronic money institution (EMI) received approval from European Payments Council that RYVYL EU will be included in the Single Euro Payments Area (SEPA) Instant Register on June 9, 2023.
Today, the SEPA instant credit transfer scheme encompasses over 2,000 payment service providers in the Euro zone – a targeted business client space for RYVYL EU. With this approval, RYVYL EU will enable incoming and outgoing instant transfers via SEPA on July 3, 2023. This service capability will allow the company’s clients to instantly send and receive payments from 36 SEPA countries. Person-to- person, business- to- business and person-to- business payments will be made on a near real time basis, 24 by 7, with funds available to recipients almost immediately. This service will reduce the cost of managing payments for businesses by displacing costs through conventional payment methods such as cash or checks in the payment ecosystems.
“We are very excited to announce that RYVYL EU has received the approval from European Payments Council,” said Fredi Nisan, RYVYL’s Chief Executive Officer and co-founder. “The launch of SEPA instant payments is another important milestone for our company to facilitate faster payment transfers and enhance customer experience for our clients in the European markets. This is part of our payment infrastructure transformation to deliver a superior Banking-as-a-Service (BaaS) solution.”
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni® stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com
RYVYL EU EAD is a wholly-owned subsidiary of RYVYL Inc. and was formerly known as Transact Europe, a EMI based in Sofia, Bulgaria and have principal licenses with Visa, MasterCard and China UnionPay. www.ryvyl.eu
Investor Relations Contact:
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
RVYL@mzgroup.us
www.mzgroup.us
