European payments platform SIA partners with Quant Network to establish blockchain interoperability solutions for financial institutions.
SIA, a European payment services business, and U.K.-based technology company Quant Network successfully tested cross-blockchain interoperability between different protocols, SIA said.
SIA and Quant Network first announced their partnership on June 5. Their aim is to work on cross-platform applications and services for banks and financial institutions. The partnership aims to integrate Quant Network’s blockchain operating system Overledger into SIA’s SIAchain infrastructure and enable interoperability. It hopes to bring solutions to challenges that financial institutions are facing with blockchain integration.
Both firms were able to integrate Overledger technology within SIAchain and bridge permissioned blockchain activities. SIA said this allows for cross-platform applications such as notarization, payments, and know-your-customer or KYC services.
Additional testing is now ongoing on SIAchain, R3’s Corda, and private Ethereum networks. Quant Network and SIA aim to bring this cross-blockchain solution to the market and look for further use cases.
SIAchain is a private infrastructure leveraging 570 European network nodes within SIAnet. It supports financial institutions, corporates and public administration bodies in developing and implementing innovative applications based on blockchain technology.
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