SIA, WizKey launch platform for negotiating credits on blockchain

SIA, WizKey launch platform for negotiating credits on blockchain

SIA S.p.A., one of the leading hi-tech companies operating in payment services and infrastructures across regions in Europe and worldwide, has recently announced establishing a potential partnership with WizKey, in an attempt to launch an innovative platform which would eventually be used by funds and financial operators and banks to trade credits on blockchain and promote higher liquidity to the benefit of small and medium scale enterprises.

It has been speculated that the initiative is revealed with an aim of realizing an ecosystem where players in the financial sector can aptly build an efficient, transparent, and liquid secondary credit market in the years to follow.

This would make it possible for all the entities operating in the blockchain market to manage their business via SIA’s technology infrastructure, within the scope of Non-Preforming Loans (NPL) securitization.

Reports have it that each credit on the platform boasts of its own permanent data room where the documents and the history of diligence activities are available and notarized, courtesy- DLT’s technology.

Moreover, via smart contracts use, credit is digitized on the SIA infrastructure enabling players in supply chain to streamline competitive public and private auctions and also transfer credit portfolios in just a few clicks.

Speaking on the novel launch, Director of Innovation and Business Solutions at SIA, Daniele Savare reportedly cited that the creation of an advanced and innovative ecosystem for credit negotiation highlights on of the first initiatives at the global level based on blockchain, attesting the company’s constant focus on the development and implementation of enhanced solutions for the financial community.

The key objective behind the launch of this platform, in partnership with WizKey is to support banks in managing credits in a much standardized and secure way in line with indications put forth by the European regulators.

While on the other hand, Founder and CEO of WizKey, Marco Pagani, said in a statement that the alliance with SIA is an initial step for the company to promote a systemic initiative for all financial operators in the context of new Italian digital resurgence. He added that the need for such technologically advanced tools is highly needed currently to deal with the next wave of NPLs.

Source Credit: https://www.finextra.com/pressarticle/85864/sia-and-wizkey-launch-platform-for-negotiating-credits-on-blockchain