SIA – an Italy-based firm focusing on e-payment services – is reportedly putting resources in designing an Ether-powered solution to enable secondary credit trading.

Specifically, the platform will reportedly facilitate negotiations for banks, funds and financial operators, regarding blockchain-enabled secondary credit transactions. 

An SIA representative reportedly revealed that the firm is looking to run trials for the platform in the second quarter, while the full-scale release is expected in the latter of 2021.

The new credit trading platform is reportedly a joint project between SIA and fintech firm WizKey, where the Milan-headquartered company is spending resources to roll out financial solutions, concentrating on structured finance products and the management and transfer of credit.

With the involvement of blockchain implementation, SIA reportedly has a primary goal of equipping financial operators with immediate and secure access to credit portfolios, together with the associated information and documentation.

“The certification of information and workflow via blockchain provides to all secondary market purchasers the trust necessary to know that the data is consistent and certified, increasing the speed of transaction and the liquidity of the market”. 

Marco Pagani – founder and current Head of WizKey – reportedly remarked that blockchain-based initiatives are built to establish a “transparent, liquid and efficient secondary market for NPLs thus benefiting the entire country system.” 

Daniele Savarè, director of innovation and business solutions at SIA, further remarked that the initiative will be worked on in a standardized manner, in line with European regulations.