The Swedish bank Swedbank has signed a partnership with payment company SIA in order to tap into its fiberoptic network infrastructure called SIAnet.
Through the deal, Swedbank will empower its customers to make instant payments through RT1, EBA Clearing’s pan-European system with the real-time payments platform of TietoEVRY, a leading digital services and software company.
Swedbank’s customers have already executed more than 30 million instant payments thanks to SIAnet, the ultra-fast fiber optic network infrastructure leveraging on low-latency, secure messaging technology and stretching over 186,000 kilometers, which is designed to meet the specific requirements of instant payments.
The partnership comes at a time when Swedbank is facing a lot of scrutiny due to its part of the Danske Bank money laundering scandal, which saw the Danish lender process over $220bn worth of suspicious transactions.
Swedbank processed some of these transactions too. As a consequence, the bank has been investigated by Baltic, Swedish and US regulators, faced a drop in its earnings and seen both the old chairman and the CEO leave the bank.
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