Quant Network partner with SIA, A Game Changer For Mass Blockchain Adoption by Financial Institutions

About SIA:

An Alternative to SWIFT

“We’re particularly proud to have been chosen, in partnership with Colt, as one of the two Network Service Providers for Eurosystem market infrastructures. It represents a prestigious result for technology ‘Made in Italy’ and confirms SIA’s significant ability to compete at international level, also strengthening our role as an innovative partner of central and commercial banks. This award for ESMIG is very important because, for the first time in Europe, all financial institutions have the chance to select the best technological solution in a framework of free competition with considerable benefits in terms of costs and efficiency, and contributes to strengthening cybersecurity and the resilience of strategically important systems”, commented Nicola Cordone, SIA’s Chief Executive Officer.

Paula Cogan, VP of Enterprise and Capital Markets at Colt, comments: “The awarding of the ESMIG tender, seven years after the establishment of the partnership between Colt and SIA, represents a really important milestone for both companies. We are pleased to underpin the infrastructure evolution envisaged by the “Vision 2020” program by providing connectivity and messaging solutions for the fully managed T2S platform. Colt’s network offers high levels of performance, scalability and guaranteed service levels which is why we are the chosen provider for over 650 financial institutions globally, including 18 of the 25 largest banks, more than 50 stock exchanges and 13 European central banks”.

SIAChain

The partnership aims to integrate Quant Network’s blockchain operating system Overledger into the SIAchain infrastructure to enable interoperability, one of the biggest challenges and unmet needs faced by the financial industry to develop and implement blockchain and Distributed Ledger Technology based applications spanning different technologies.

“Since the European launch of our private infrastructure SIAchain, we are at the forefront of innovation in blockchain technology with the aim of supporting financial markets with a high-performance and secure architecture and a clear governance model. We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT”, says Daniele Savarè, Innovation & Business Solutions Director, SIA.

Banks need blockchain Interoperability

Overledger bringing blockchain interoperability immediately to all 570 Banks / Trading partners

The key is SIAnet and SIAChain is an existing financial infrastructure that already is used and interconnects 570 banks and financial institutions. The access and adoption is already there, all the banks are already connected and using the network. Difference is now, it has Overledger.

It would have taken us 10+ years to onboard 570 banks one by one and build the infrastructure. This is where Ripple, Stellar (IBM) are stuck and adoption will take many years to individually connect each bank. We already have all of them connected now.

Spunta Banca

FINSEC Project funded by Horizon 2020

Game Changer for Quant Network and for Blockchain Mass Adoption by Financial Institutions

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