16 July 2018
Visit www.avoka.com

SIA and Colt win T2S mandate from Hungarian depository

04 March 2015  |  2455 views  |  0 Source: SIA

SIA, in partnership with Colt, has been awarded the contract to connect Hungarian central securities depository KELER to TARGET2-Securities (T2S), the new single European platform for the settlement of transactions in domestic and cross-border securities.

Owned 53.33% by the Central Bank of Hungary (CBH) and 46.67% by the Budapest Stock Exchange (BSE), KELER provides wholesale services and infrastructure to the players and intermediaries of the Hungarian Capital Markets. It will migrate to TARGET2-Securities in the third phase planned for September 2016, and will be among the first central securities depositories (CSDs) in Central and Eastern Europe to access the platform directly.

SIA and Colt have recently completed the successful implementation of their connectivity solution. This will enable KELER to commence the functional test phase in line with the migration framework.

SIA and Colt’s value added network infrastructure enables CSDs, central banks in the Eurosystem and the leading banks operating in Europe to connect to the new European platform for the settlement of transactions in securities, guaranteeing total security and confidentiality in the transmission of data, along with the highest standards of reliability, performance and service continuity.

TARGET2-Securities, a project promoted by the ECB which will be managed by four central banks (Banca d’Italia, Deutsche Bundesbank, Banque de France and Banco de Espana), is one of the initiatives for the creation of the single European market following the Euro, TARGET2, SEPA (Single Euro Payments Area) and PSD (Payment Services Directive). According to forecasts from the European Central Bank, TARGET2-Securities will be capable of handling a daily average of over 1 million securities transactions, also contributing to a significant reduction in cross-border settlement costs.

SIA and Colt were awarded one of the two Value Added Network Service Provider licenses for T2S by the European Central Bank (ECB), demonstrating their leadership in the financial services sector, strong network and service presence across Europe and proven experience in the supply and management of ‘mission critical’ solutions.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://secure.vasco.comVisit http://go.jumio.com/finextraAdVisit www.aciworldwide.com

Who is commenting?

Suresh K Suresh K Commented on: I am the password
A Finextra member Finextra Member Commented on: Mastercard enlists Wor...
A Finextra member Finextra Member Commented on: Mastercard enlists Wor...

Top topics

Most viewed Most shared
Handelsbanken trials micro contactless cardsHandelsbanken trials micro contactless car...
9774 views comments | 18 tweets | 30 linkedin
Championing financial inclusion and helping the UnstoppablesChampioning financial inclusion and helpin...
8320 views comments | 3 tweets | 1 linkedin
PayPal ready to spend $3bn a year on acquisitionsPayPal ready to spend $3bn a year on acqui...
8217 views comments | 13 tweets | 17 linkedin
No greater change will occur than that in financial servicesNo greater change will occur than that in...
7800 views comments | 7 tweets | 13 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
7693 views comments | 6 tweets | 14 linkedin

Featured job

to GBP £90K base, double OTE (estimate)
London, UK or Europe

Find your next job