SIA, the European hi-tech company in the payment services and infrastructures sector, and Quant Network, a UK-based pioneering technology company, have signed a partnership agreement to explore blockchain interoperability and the creation of agnostic cross-platform applications and services for banks and financial institutions.
The first interoperability tests will be executed on R3’s Corda and private Ethereum platforms.
The partnership aims to integrate Quant Network’s blockchain operating system Overledger into the SIAchain infrastructure to enable interoperability, one of the biggest challenges and unmet needs faced by the financial industry to develop and implement blockchain and Distributed Ledger Technology based applications spanning different technologies.
SIAchain is a private infrastructure leveraging on 570 European network nodes within SIAnet – the fiber optic network with high-speed and low-latency stretching over 186,000 kilometres – that supports financial institutions, corporates and public administration bodies in developing and implementing, in a secure, protected way, innovative applications based on blockchain technology.
The SIAchain infrastructure makes available a series of business applications to meet the requirements of specific communities – guaranteed by SIA – of registered, approved members, in a context of transparency, confidentiality and security.
“Since the European launch of our private infrastructure SIAchain, we are at the forefront of innovation in blockchain technology with the aim of supporting financial markets with a high-performance and secure architecture and a clear governance model. We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT”, says Daniele Savarè, Innovation & Business Solutions Director, SIA.
“We’re pleased to collaborate with SIA to explore how Overledger can enable financial institutions on SIAchain or part of SIAnet to benefit from cross-platform and interoperable blockchain applications to embrace new business models, improve operational efficiencies and deliver new innovation to customers”, commented Gilbert Verdian, CEO, Quant Network.