IBS Journal: The iconic monthly FinTech magazine

February 2020 issue out now! Subscribe now

Launching India FinTech Report 2020

Market sizing and forecast of Digital Lending, Payments, WealthTech & RegTech. Subscribe now

Leading Back Office Systems for Banks

In-depth Supplier Profiles and User Lists. Subscribe now

In-depth Banking Tech and FinTech Research

Over 300 research reports that's updated quarterly. Subscribe now

Swedbank partners with SIA & TietoEVRY for enhanced access to instant payments

Swedbank has announced the selection of European hi-tech company SIA and payments platform provider TietoEVRY in a bid to enable instant payments through EBA Clearing’s pan-European system RT1.

The bank states that around 30 million instant payments have been executed by its customers with the assistance of SIAnet, SIA’s fibre optic network infrastructure leveraging on low-latency, messaging technology and stretching over 186,000 kilometres. The network infrastructure has been developed to meet the specific requirements of instant payments in terms of security, reliability and performance, also under the “always-on” Active-Active architecture by SIA that aims to ensure resilience and business continuity.

Swedbank’s partnership with TietoEVRY has enabled a secure integration between the bank’s internal environment and the network services provided by SIA. The supplier’s Payment Hub is based on open architecture and aims to facilitate access to other systems without the need for code changes.

The collaboration is expected to provide the Bank’s customers with benefits 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.

The three companies are already in talks of enabling organizations 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.

Related Posts