The Swedish central bank, the Riksbank, has signed a contract with Italian software firm SIA for the delivery and implementation of a new system.
The core of the delivery will be the Perago:rtgs system, developed by Perago Financial Systems Enablers (Pty) Ltd of South Africa. The implementation will start in August 2005 and finish in the first quarter of 2007.
SIA, founded in 1977, designed and manages the Interbanking Network (RNI) and the technological architecture of Borsa Italiana (Italian Stock Exchange), the interbank deposit market (e-MID), the settlement systems for Monte Titoli and the Government bond market (MTS). Recently SIA developed STEP2 for EBA (Euro Banking Association) and automated the Romanian interbank payment system.
Perago, formed in 1999, specialises in financial infrastructure applications, and has implemented the Perago:rtgs system in five countries.
In 2005 SIA and Perago entered into an agreement whereby Perago became part of the SIA Group through an acquisition by SIA of a stake in Perago.