Swedbank teams with SIA to send instant payments though EBA Clearing's RT1 Platform

Monday 17 February 2020 13:17 CET | News

Sweden-based Swedbank has chosen payment services company SIA to send instant payments via the EBA Clearing’s RT1 platform.

Swedbank’s IT systems are connected to SIA’s fibre optic network. Swedbank and SIA are also partnering with TietoEVRY, a Finland-based software development company, which will offer an open architecture that will be used to connect the newly developed payments ecosystem. Swedbank’s management confirmed that the platform has connected to SIAnet, the vendor’s fibre optic network-based infrastructure. Customers of the company have conducted 30 million instant payments via the network.

SIA’s developers said that Swedbank’s clients will benefit from a 10-year concession offered by the European Central Bank to SIA and as a Network Service Provider for the Eurosystem Single Market Infrastructure Gateway, which will be introduced in November 2021.

EBA Clearing introduced RT1 in November 2017 as an infrastructure platform for handling instant SEPA credit transactions.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Swedbank, Sweden, online payments, bank transaction, EBA clearing, RT1, payments infrastructure, payments platform, SEP credit
Categories: Payments & Commerce
Countries: Sweden
This article is part of category

Payments & Commerce