MILAN & LONDON--(BUSINESS WIRE)--SIA, in partnership with Colt Technology Services, has won a tender commissioned by the European Central Bank for the provisioning of connectivity services allowing European central and commercial banks, central depositories, automated clearing houses and other payment service providers to connect directly to Eurosystem market infrastructures through a single access interface (Eurosystem Single Market Infrastructure Gateway - ESMIG).
Thanks to the concession granted to SIA and Colt as Network Service Providers for the ESMIG, starting from November 2021, all the key organisations in the European financial system will be able to access the platform for the settlement of large-value payments TARGET2, the instant payments settlement service TIPS, the securities settlement platform TARGET2-Securities (T2S), the Eurosystem Collateral Management System (ECMS) and possibly other new services and applications.
ESMIG is a fundamental component in the implementation of the TARGET2 and TARGET2-Securities consolidation project, which was one of the key proposals of Eurosystem's "2020 Vision" strategic plan for the evolution of market infrastructures. This project will entail savings for both financial institutions, who require more secure and reliable functionalities to be made available, and for the Eurosystem itself through a reduction in operating costs.
The partnership between SIA and Colt, signed originally in 2012 on the occasion of the TARGET2-Securities call for tenders, has led to the successful attainment of one of the two ten-year licenses for ESMIG. It was due to the organisations high technological profile and strong international presence, which saw the two companies being awarded this business.