The alliance will enable instant cross-border payments for users in Italy, Portugal, Spain, and Andorra.

Payment providers Bancomat, Bizum, and MB Way, operated by SIBS, have begun rolling out instant cross-border payment capabilities in Europe through the European Payments Alliance (EuroPA).

The initiative will enable users in Italy, Portugal, Spain, and Andorra to send and receive money instantly using just their mobile phone numbers.

A joint statement claims EuroPA will accommodate cross-border transactions with the same speed and security as domestic transfers.

Banks participating in Bancomat, Bizum, and MB Way will “start to adhere to the interconnection gradually”, the statement continues, with full implementation expected by June 2025.

The interconnection links more than 50 million users and 186 financial institutions across four countries, accounting for 65% of total instant payments and based on Single Europe Payments Area (SEPA) standards.

The EuroPA initiative is “expected to grow” and will potentially include both euro and non-euro markets in the future, the companies say.

The project also intends to introduce unspecified “additional use cases” moving forward as it looks to continue its growth.