SIA inks deal with WizKey to launch new platform

Payment technology company SIA has signed a partnership agreement with WizKey, a FinTech offering advanced solutions for the credit market.

The collaboration will see the launch of a platform available to banks, funds and financial operators to negotiate credits on blockchain. The initiative is also said to promote greater liquidity to the benefit of SMEs.

“The creation of an advanced ecosystem for credit trading represents one of the first initiatives at international level based on blockchain, confirming SIA’s constant focus on the development and implementation of innovative solutions for the financial community,” said Daniele Savarè, director of innovation and business solutions at SIA.

“The main objective of this project launched together with Wizkey is to support banks in managing credits, especially non-performing ones, in a standardised and secure manner in line with the indications of European regulators.”

Marco Pagani, CEO and founder of WizKey, added, “The 2008 financial crisis has already shown us how inefficient management of non-performing loans can put the entire country system under stress and can cause serious systemic risks.

“It is increasingly evident that we need technologically advanced tools to deal with the next wave of NPLs, which is closely linked to the current recession and will manifest itself even more vigorously in the coming years.

“The partnership with SIA is a key starting point to promote a systemic initiative for all financial operators in the context of a new Italian digital renaissance. Thanks to an exponential improvement of the technology infrastructure, it is already possible to create a transparent, liquid and efficient secondary market for NPLs thus benefiting the entire country system.”

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