European payments services company, SIA, has revealed in a press release on June 5 that it has formed a partnership with the Quant Network to research blockchain interoperability solutions and the creation of agnostic cross-platform applications for banks and financial institutions. The first test will be conducted on R3’s Corda and private Ethereum platforms.
The press release describes the goal of the partnerships,
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.
Daniele Savarè, Innovation & Business Solutions Director at SIA, was keen on innovating,
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.
Gilbert Verdian, CEO of Quant Network, said,
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.
SIA has also developed its own private blockchain, called SIAchain, which is aiming to build business applications for financial institutions, corporations and public administration bodies. The effort is a collaboration between SIA and R3, and functions with 580 nodes around Europe.