SIA becomes first network to be certified by ECB 12 June 2018Milan Reporter: Jenna Lomax
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SIA has become the first network to be certified by European Central Bank (ECB) and European centralised banks.
According to SIA, the certificate will guarantee European banks and other payment service providers (PSPs) connection to TARGET Instant Payment Settlement (TIPS), the new pan-European service for settlement of instant payments in central bank money.
TIPS will be in operation from November 2018.
SIAnet is currently the only access network to the two pan-European instant payment platforms EBA Clearing’s RT1 and the Eurosystem’s TIPS after having passed all the Eurosystem tests regarding aspects of security, performance, reliability and governance.
Consequently, European banks and other PSPs can participate, through the SIA network, in the pilot phase of the TIPS service.
The infrastructure already handles instant payments at European level through the connection to EBA Clearing’s RT1 system.
Nicola Cordone, deputy CEO of SIA, said: “The certification awarded by the Eurosystem testifies to the excellence of SIAnet, which meets all the requirements of reliability, speed and solidity necessary for instant payments.”
He added: “Furthermore, it confirms the important role of SIA as primary technology provider in the area of network services, also with a view to the creation of the Eurosystem Single Market Infrastructure Gateway in 2021.”
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