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.
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