Colt and SIA awarded financial market connectivity by European Central Bank

HomeColt Technology NewsColt and SIA awarded financial market connectivity by European Central Bank

This week it was announced that Colt, in partnership with SIA, has been awarded the ability to provide connectivity to the ESMIG interface (Eurosystem Single Market Infrastructure Gateway).

The ten-year concession which will commence in 2021, is a vote of confidence from the European Central Bank and the Bank of Italy – who awarded the contract – with the Colt-SIA joint venture being one of the two providers selected to facilitate access to the ESMIG platform.

This news makes up a more comprehensive program called Eurosystem’s “Vision 2020” strategic plan, which is focused on the evolution of market infrastructures*. The overarching aim of this initiative is to generate savings for both the financial institutions, as well as ensuring more secure and reliable functions will be made available.

Colt has been in partnership with SIA since 2012, and the organisation’s high technological profiles and the strong international presence were just some of the reasons that the businesses were awarded the long-term contract.

Being awarded the ESMIG tender is a great success for Colt, and a further confirmation of our company’s ability and expertise in serving more than 650 financial institutions globally, including 18 of the 25 largest banks, around 50 squares stock exchanges and 13 European Central Banks.

Colt has been providing our services to companies in the Capital Markets and Enterprise markets for more than 25 years, and our NPS score sits at an industry high of 50 as of Q1. At Colt, we pride ourselves on enabling our customer’s digital transformation, and this is just another way in which we are working with other organisations to future proof the industry as a whole.

 

*The ESMIG is a technical component within the TARGET2 and TARGET2-Securities consolidation project, one of the key proposals of the Eurosystem’s “Vision 2020” strategic plan for the evolution of market infrastructures.

In practice, this is a single service that will provide network connectivity and a messaging interface to the various Eurosystem market infrastructures, a common component used by multiple market infrastructure services and back-office applications; for example Target2, Target2-Securities, TIPS (Target instant payment settlement), and ECMS (Eurosystem Collateral Management System). The ESMIG will reduce the operational complexity for both market participants and the Eurosystem, centralising different networks, harmonising protocols, graphical interfaces and certificate management

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Paula Cogan

20 June 2019

 

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