Swedbank has selected SIA to enable instant payments through RT1, EBA Clearing’s pan-European system, with the real-time payments platform of TietoEVRY.
Swedbank’s customers have already executed more than 30 million instant payments with SIAnet, a fiber optic network infrastructure leveraging low-latency, secure messaging technology and stretching over 186,000 kilometres.
SIAnet is designed to meet the specific requirements of instant payments in terms of security, reliability and performance. The “always on” Active-Active architecture by SIA should ensure high resilience and business continuity, consistent with the demands coming from the market in terms of higher service levels.
TietoEVRY’s Payment Hub enables integration between Swedbank’s internal environment and the network services provided by SIA. Based on open architecture, the solution facilitates access to other systems without the need for code changes.
Swedbank’s customers will also benefit from the 10-year concession granted by the European Central Bank to SIA and Colt as Network Service Providers for the Eurosystem Single Market Infrastructure Gateway (ESMIG), which is scheduled to go live for November 2021.
Swedbank, SIA and TietoEVRY are already working to enable organisations in the European financial community to access TARGET2, the platform for the settlement of large-value payments; TIPS, the instant payments settlement service; TARGET2-Securities (T2S), the securities settlement platform, the Eurosystem Collateral Management System (ECMS) and possibly other new services and applications such as P27, the new Nordic Payments Platform.
Like this item? Get our Weekly Update newsletter. Subscribe today