SIA Of Italy Offers Retail Payments Platform To Central Banks

Societ Interbancaria per l'Automazione (SIA), the Italian provider of IT solutions and services, has launched a new system for processing retail payments. SIA, which developed and manages the Bank of Italy's Automated Clearing House (ACH) and the EBA STEP2 cross

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Societ Interbancaria per l’Automazione (SIA), the Italian provider of IT solutions and services, has launched a new system for processing retail payments.

SIA, which developed and manages the Bank of Italy’s Automated Clearing House (ACH) and the EBA-STEP2 cross-border retail payments house owned by the European Banking Association, says the new SIA-ACH offering is a real-time payments platform designed to enhance central banks’ and ACHs’ return on investment (RoI)and improve both efficiency and security.

SIA-ACH has a modular structure, allowing a customised ACH solution to be designed and built quickly. Each module focuses on a major function, and can be linked to the existing platform of a central bank. SIA-ACH includes support services.

“SIA-ACH is part of the strategy with which SIA looks at completing his offer in the payment systems sector,” says Renzo Vanetti, SIA’s Chief Executive Officer. “The platform is, indeed, the key component of a complete, integrated financial system infrastructure developed to meet the fundamental needs of Central Banks and clearing houses of emerging countries. On the one hand, to address new infrastructure challenges, as the evolution of interbanking payments, new capital market requirements and the internationalisation of payment systems. On the other, to enhance the effectiveness of the whole national banking system.”

SIA-ACH is part of a complete financial system infrastructure for payment systems, clearing and trading called SIA Financial System, which includes also a Real Time Gross Settlement System (RTGS), a trading platform (Tradeimpact) and a Central Securities Depository and Registry (Clearimpact).

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