SIA has won the Bank of Italy’s tender for the management of the Interbank Register of Bad Cheques and Payment Cards (CAI).
The technology services firm has won the deal for eight years. SIA will manage the CAI’s central infrastructure, as well as its interconnections with remote sections at reporting institutions.
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In addition, the development of new applicative functions and the use of infrastructural components, which include’s SIA’s “Active-Active” architecture, is said to guarantee 24/7 continuity in providing services.
The Bank of Italy CAI register that SIA will work with was established by law. This followed the depenalisation of a series of minor offences, including the issuing of cheques without authorisation or without funds.
The register holds personal details of individuals who have issued bank and postal cheques without authorisation or the necessary funds. It also holds details of those whom are no longer authorised to use debit or credit cards due to non-payment of sums.
Information on administrative and penal sanctions applied by perfects and authorities are also held on the CAI.
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By GlobalDataAccording to SIA, the aim for the next three years is to become the leading pan-European payments and technology company.
In addition, the SIA Strategic Plan targets growth higher than the market average in the period to end 2021.
“The approval of the SIA Strategic Plan represents an important turning point in the development of SIA. Over the next three years we will pursue this objective by further extending SIA’s presence in the international market. SIA aims to become the leading pan-European payments technology player,” says Nicola Cordone, SIA CEO.
The SIA Strategic Plan fits into a dynamic global payments market forecast to grow by 6-7% up to 2021. SIA estimates an increase in digital transaction volumes of 3-5% in Europe, a sector worth approximately €80bn.
As a start to this plan, First Data sold the divestiture of part of its card processing businesses to SIA. Arms in Central and Southeastern Europe have been sold for for €387m ($447m).
The businesses, which primarily operate from Greece, Croatia, Czech Republic, Hungary, Romania, Serbia and Slovakia, generated about €100m in revenue last year.
