SIA launches new Cloudnet service for financial institutions in Europe

By Megha Bhattacharya

SIA today announced the launch of a new network service that allows banks, corporates, public sector bodies and FinTechs to connect their cloud-based applications directly to the main domestic and international payment infrastructures in a safe and secure manner.

SIA Cloudnet supports the digitalization path of players in the financial and insurance sectors, as well as public sector bodies and corporates (large-scale retail trade, utilities, Telcos, transportation companies, oil companies, etc.) by enabling the interconnection of their business services and applications, hosted at the main cloud providers such as Amazon Web Services (AWS) and Microsoft Azure, with the ecosystems of the payment processing platforms that can be reached through SIA’s network infrastructure.

“The cloud sector is growing significantly and an increasing number of customers, especially those who are more focused on innovation, are moving applications, services and processes over to external provider technologies. With SIA Cloudnet, we support this digital transformation with a unique solution that enables the integration, in a secure and efficient way, of the financial community with the many applications on the various cloud platforms, thus further strengthening the network services offering at international level,” said Andrea Galeazzi, Capital Markets and Network Services Director at SIA.

The new solution offers a single access channel to EBA CLEARING’s pan-European real-time payments system RT1, to Eurosystem’s TARGET Instant Payments Settlement (TIPS) service, as well as to the PagoPA payments system and to the major domestic and international debit and credit card networks.

Recently, European FinTech ZEN and SIA announced a partnership in a bid to bring the FinTech’s digital financial solution to consumers and entrepreneurs in 32 European countries, including the UK. ZEN launched its new online payment cards platform choosing SIA as its technology partner. With this agreement, SIA’s digital infrastructure will manage the processing of transactions made using physical and virtual payment cards issued by ZEN for online and offline payments in over 150 currencies.