SIA feeling TIPS-y with Eurosystem certification
Italian paytech vendor SIA has acquired certification from the Eurosystem to provide access to Target Instant Payment Settlement (TIPS), becoming the first network service provider to do so.
TIPS is a new pan-European service for settlement in central bank money of instant payments, with a planned launch for November 2018. Its aim is to support the integration and innovation of the market for retail payments in euros.
SIAnet has passed all the Eurosystem tests concerning security, performance, reliability and governance, which allows it to host European banks and other payment service providers (PSPs) to participate in the pilot through its network.
“[SIA has eyes on the] creation of the Eurosystem Single Market Infrastructure Gateway (ESMIG) in 2021. The ESMIG project will enable access by banks, via a single interface, to the market infrastructures managed by the Eurosystem, strengthening the cybersecurity and resilience of strategically important systems,” comments Nicola Cordone, deputy CEO of SIA.
SIA already handles instant payments through the connection to EBA Clearing’s RT1 system, which went live in November 2017.
According to SIA, its new low-latency messaging technology allows banks to focus on their core business, reducing the costs and operating impacts related to the management of complex infrastructures.
Last month, SIA said it will acquire First Data’s card processing businesses in parts of Central and Southeastern Europe for €375 million.