SIA, an Italian firm specialised in e-payment companies, is engaged on a blockchain-based system to allow secondary credit score buying and selling
SIA, an Italian firm specialised in e-payment companies, is engaged on a blockchain-based system to allow secondary credit score buying and selling.
The upcoming platform will enable banks, funds, and monetary operators to barter secondary credit score transactions by way of blockchain, SIA introduced on Jan. 26.
A spokesperson for SIA instructed Cointelegraph that the corporate plans to pilot the platform in Q2 2021, whereas the full-scale launch is predicted within the second half of this yr.
SIA’s new credit score buying and selling platform is being developed in collaboration with fintech startup WizKey. The Milan-based agency is constructing monetary options with a give attention to structured finance merchandise and the administration and switch of credit score.
By implementing blockchain, SIA intends to offer monetary operators with instantaneous and safe entry to credit score portfolios in addition to the underlying information and documentation. “The certification of data and workflow by way of blockchain gives to all secondary market purchasers the belief essential to know that the information is constant and authorized, growing the pace of transaction and the liquidity of the market,” a consultant of SIA stated.
WizKey CEO and founder Marco Pagani stated that the blockchain-powered challenge goals to create a “clear, liquid and environment friendly secondary marketplace for NPLs thus benefiting all the nation system.” Daniele Savarè, director of innovation and enterprise options at SIA, additionally famous that the challenge might be developed in a standardized in step with European laws.
SIA has been working with blockchain-related developments beforehand. In June 2020, SIA accomplished a challenge on cross-chain interoperability concentrating on companies for banks and monetary establishments.