The MB Way service has completed integration with Spain’s Bizum and Italy’s Bancomat, now allowing users to send and receive money instantly using these mobile payment systems, announced SIBS in a formal statement.
The electronic payments company noted that in Portugal, this new feature is accessible via institutions that have implemented MB Way’s SEPA Inst P2P transfers.
For users in Spain and Italy, there will be a gradual rollout of the integration with these systems extending up until June.
Late in 2023, the payment service providers SIBS, Bancomat, and Bizum unveiled a partnership aimed at achieving interoperability to facilitate instant payments among their users in the midterm.
In November, MB Way executed its inaugural international transfers in collaboration with the two European counterparts.
Following these initial transfers, SIBS anticipated that from 2025 onwards, the service would become “widely available” in Italy, Portugal, and Spain, with potential for further expansion.
Together, these three payment service operators boast a combined user base of over 45 million and are backed by more than 182 financial institutions.
