Swedbank, the major bank in the home markets of Sweden, Estonia, Latvia and Lithuania, has selected SIA, the leading European hi-tech company in the payment services and infrastructures sector, to enable instant payments through RT1, EBA Clearing’s panEuropean system with the real-time payments platform of TietoEVRY, a leading digital services and software company.
Swedbank’s customers have already executed more than 30 million instant payments thanks to SIAnet, the ultra-fast fiber optic network infrastructure leveraging on low-latency, secure messaging technology and stretching over 186,000 kilometers.
SIAnet is specially designed to meet the specific requirements of instant payments in terms of security, reliability and performance, also by virtue of the “always on” Active-Active architecture by SIA that ensures very high resilience and business continuity, 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.
Furthermore, Swedbank’s customers will benefit 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. In fact, Swedbank, SIA and TietoEVRY
are already working to enable all the key organizations in the European financial community to access the platform for 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.