Swedbank has selected SIA to enable instant payments through RT1, EBA Clearing’s pan-European system with TietoEVRY’s real-time payments platform.
Swedbank’s customers have already executed more than 30 million instant payments thanks to SIAnet.
The ultra-fast fiber optic network infrastructure leverages low-latency, secure messaging technology and stretches over 186,000 kilometres.
SIAnet is specially designed to meet the specific requirements of instant payments in terms of security, reliability and performance. Moreover, by virtue of the “always on” Active-Active architecture by SIA it ensures very high resilience and business continuity. This is consistent with the pressing demands coming from the market in terms of higher service levels.
TietoEVRY’s Payment Hub enables efficient and secure integration between Swedbank’s internal environment and the innovative network services provided by SIA. Based on open architecture, the solution facilitates access to other systems without the need for code changes.
ECB 10 year concession
Furthermore, Swedbank’s customers benefit from the 10-year concession from the European Central Bank. This is granted to SIA and Colt as Network Service Providers for the Eurosystem Single Market Infrastructure Gateway (ESMIG). Subsequently, the system goes live in November 2021.
Swedbank, SIA and TietoEVRY are already working together. They will enable all key organisations in the European financial community to access the platform. This incorporates the settlement of large-value payments TARGET2, the instant payments settlement service TIPS, the securities settlement platform TARGET2-Securities (T2S), the Eurosystem Collateral Management System (ECMS) and possibly other new services and applications such as P27, the new Nordic Payments Platform.
Swedbank serves 7.3 million private and 618,000 corporate and organisational customers in its home Swedish market, Estonia, Latvia and Lithuania.
SIA manages 14 billion institutional services transactions, 7.2 billion card transactions, 3 billion payments and 51.7 billion financial transactions annually. In 2018 it carried 1,204 terabytes of data on its network.
Headquartered in Finland, TietoEVRY serves thousands of enterprise and public sector customers in more than 90 countries.