Swedbank partners with SIA and TietoEVRY to enable instant payments

Friday 14 February 2020 10:27 CET | News

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.

Swedbank’s partnership with TietoEVRY has enabled an 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.

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Keywords: Swedbank, SIA, TietoEVRY, instant payments
Categories: Banking & Fintech
Countries: Europe
This article is part of category

Banking & Fintech