Banking

Swedbank partners SIA and TietoEVRY for RT1 payments

Swedbank has selected payment services and infrastructure firm SIA to route instant payments through the EBA Clearing’s RT1 system.

Swedbank is connected to SIA’s fibre optic network

The two firms are also teaming up with Finnish software firm TietoEVRY, which will provide an “open architecture” connecting the new payments ecosystem.

Swedbank has already connected to SIAnet, the vendor’s fibre optic network infrastructure, upon which its customers have already made 30 million instant payments.

SIA adds that Swedbank’s customers will benefit from a 10-year concession granted by the European Central Bank (ECB) to SIA and as a Network Service Provider for the Eurosystem Single Market Infrastructure Gateway (ESMIG), which is scheduled to go live for November 2021.

EBA Clearing launched RT1 in November 2017 as an infrastructure solution for the processing of instant SEPA credit transfers at a pan-European level.

The payment system operates “around the clock on any day of the year”. It supports payment service providers in transferring euro transactions between payment accounts in “less than 10 seconds end to end”.

Swedbank, SIA and TietoEVRY are also working on access to Target2 large payments settlement, the instant payments settlement service TIPS, the securities settlement platform TARGET2-Securities (T2S), the Eurosystem Collateral Management System (ECMS) and P27, the new Nordic Payments Platform.

Related: IMF to put Nordic banks’ AML controls under microscope

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