SIA is the first Network Service Provider to have acquired certification from the
Eurosystem (ECB and national central banks in the Eurozone) to provide access to TIPS – TARGET
Instant Payment Settlement – the new pan-European service for settlement in central bank money of
instant payments, the launch of which is planned for November 2018.
The startup of the TIPS service will further support the integration and innovation of the market for retail
payments in euros.
At present, SIAnet is the only network infrastructure to have passed all the Eurosystem tests
regarding aspects of security, performance, reliability and governance. Consequently, European banks and other
Payment Service Providers (PSPs) can participate, through the SIA network, in the pilot phase of the TIPS
The infrastructure already handles instant payments at European level through the connection to EBA
Clearing’s RT1 system, in operation as of 21 November 2017 and with over 1 million transactions carried out
with a value of 635 million euro.
SIA thus offers its services as the only access network to both pan-European instant payment
platforms – RT1 and TIPS. Thanks to a solution totally managed by SIA which guarantees superfast
connections through a new low-latency messaging technology, banks can focus on their core business, reducing
the costs and operating impacts related to the management of complex infrastructures.
“The certification awarded by the Eurosystem testifies to the excellence of SIAnet, which meets all the
requirements of reliability, speed and solidity necessary for instant payments. Furthermore, it confirms the
important role of SIA as primary technology provider in the area of network services, also with a view to the
creation of the Eurosystem Single Market Infrastructure Gateway in 2021. The ESMIG project will enable access
by banks, via a single interface, to the market infrastructures managed by the Eurosystem, strengthening the
cybersecurity and resilience of strategically important systems”, commented Nicola Cordone, Deputy CEO
With the launch of instant payments at the tail end of last year, citizens and businesses in 34 countries in
the Single Euro Payments Area (SEPA) can send and receive cash up to a limit of 15,000 euro in a single
transaction in less than 10 seconds through a service active 24 hours a day, 365 days a year, in line with the
SEPA Instant Credit Transfer (credit transfer with immediate and irrevocable credit) scheme of the
European Payments Council (EPC).