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June 21, 2017

Finastra collaborates with SIA to expand real-time payments in Europe

Finastra, the company recently formed through the merger of fintech firms Misys and D+H, has partnered with Italian tech firm SIA to offer real-time payment capabilities to financial firms operating across Europe.

The partnership will allow financial firms to make use of Finastra’s payments platform to connect through SIAnet to RT1, the pan-European instant payments infrastructure developed by EBA Clearing.

Finastra said that participating financial firms can experiment with real-time payments on its cloud-based testing environment before EBA Clearing’s platform goes live in November this year.

The testing environment will offer simulated connectivity to EBA Clearing’s RT1 and allow lenders to stick to the SCT Inst Scheme to quickly and easily test instant payments.

SIA network services director Andrea Galeazzi said: “The collaboration with Finastra allows us to strengthen our path of innovation, supporting the access and onboarding of the banks on EBA CLEARING’s pan-European instant payments infrastructure. Financial institutions can now easily benefit from the high-speed, low-latency network infrastructure SIANet thanks to its reliability, solidity and security.”

Moti Porath, head, product management, global payments solutions, said: “The Finastra payments technology already supports the processing of millions of faster payment transactions throughout the world every day. SIA shares the Finastra vision of making faster payments a reality, and we are proud to expand our client’s access to instant payments and Instant Clearing in Europe through SIAnet.”

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