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Home Latest News Blockchain Major payments firm SIA to launch DLT-based secondary credit marketplace

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.

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

According to Cointelegraph, a spokesperson for SIA stated that the company wants 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 plans 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 stated that the blockchain-powered project plans 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, stated that the project will be developed in a standardized in line with European regulations. 

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