Major payments firm SIA to launch DLT-based secondary credit marketplace

SIA, an Italian company specialized in e-payment services, is working on a blockchain-based system to enable secondary credit trading.

The upcoming platform will allow banks, funds, and financial operators to negotiate secondary credit transactions via blockchain, SIA announced on Jan. 26.

A spokesperson for SIA told Cointelegraph that the company plans to pilot the platform in Q2 2021, while the full-scale launch is expected in the second half of this year.

SIA’s new credit trading platform is being developed in collaboration with fintech startup WizKey. The Milan-based firm is building financial solutions with a focus on structured finance products and the management and transfer of credit.

By implementing blockchain, SIA intends to provide financial operators with instant and secure access to credit portfolios as well as the underlying data and documentation. “The certification of information and workflow via blockchain provides to all secondary market purchasers the trust necessary to know that the data is consistent and certified, increasing the speed of transaction and the liquidity of the market,” a representative of SIA said.

WizKey CEO and founder Marco Pagani said that the blockchain-powered project aims to create a “transparent, liquid and efficient secondary market for NPLs thus benefiting the entire country system.” Daniele Savarè, director of innovation and business solutions at SIA, also noted that the project will be developed in a standardized in line with European regulations.

SIA has been working with blockchain-related developments previously. In June 2020, SIA completed a project on cross-chain interoperability targeting services for banks and financial institutions.

 Jeannie Propes

Jeannie Propes– Technology My Name is Jeannie Propes, and I am 29 years old who is an industrialist other than a writer. I want to catch the attention of my audience and publishers without sound too dry and dull. I am the sort of person who adores his spare time by writing my thoughts and ideas for my audience or readers. My writing skills are not confined to any specific field, I wrote on many topics, but technology and stock Market articles are always my favorite. I love to express myself through creative modes such as drawing, singing, and writing. I love to spend my leisure time with my beloved cat, sleep or by playing my favorite video games.

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