Italy’s electronic payments company SIA, which already partners with German tech company Intercope on the SIAnet network in Italy, said that the two companies are also strengthening their collaboration in Germany.
SIAnet, a multi-protocol, multi-service SIA technology infrastructure, enables the secure transport of data and information flows relating to financial transactions. It has already been tested in the Italian market and will now be extended to German banks. ”These services meet the technology and security requirements necessary for systemically important payment systems (SIPS),” said SIA.
Integration with Intercope’s BOX messaging hub will enable financial institutions to access SIAnet, which already links over 1,000 European banks and financial institutions.
In particular, SIAnet provides access to EBA (Euro Banking Association) Clearing’s STEP2 technology platform for the processing of single euro payments area (SEPA) payments and to TARGET2-Securities (T2S), the new single European system promoted by the Central European Bank (CEB) for the settlement of cross-border and domestic securities transactions.
“This partnership will allow the German, and more generally the European financial community, to ensure business continuity, the security and confidentiality of data, and reliability of execution also in the case of peaks in network traffic – all key aspects for systemically important infrastructures in the financial sector,” commented SIA.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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