Payments Firm SIA Teams With Italian City On Blockchain Project

Blockchain, Innovation, News | February 8, 2019 By:

The city of Bari, the capital of southern Italy’s Puglia region, is working with Italian payments firm SIA on an experiment exploring blockchain’s potential in digitizing the process of managing surety policies.

Founded in 1977, SIA provides solutions and technologies to the banking and finance sector in addition to platforms for financial markets and e-payment services. Its financial institutions solutions include electronic payments, such as issuing and acquiring of debit, credit, and prepaid cards for various domestic and international circuits; value-added services for the prevention and management of frauds and disputes; and management of inter-bank payments and collections.

The experiment with the city of Bari, which will use the SIAchain technology infrastructure, aims to let the city dematerialize the issuance process by banks, financial intermediaries, and insurance companies and certify the sureties unequivocally and irrevocably. SIAchain was created by SIA to develop, in a secure and protected manner, innovative blockchain applications based on distributed ledger technology (DLT).

According to SIA, by using smart contracts the city of Bari will be able to reduce processing times, eliminate manual errors and prevent fraud by unauthorized parties using false documents.

“By increasing our experience in the use of DLT, we can support the work of PA [public administration] bodies while triggering unprecedented technical and employment scenarios,” said Antonio Decaro, Mayor of Bari.

“The launch of the blockchain project with the Municipality of Bari represents a milestone in the field of digital PA in Italy as it shows that local authorities have the potential to improve and simplify complex administrative procedures by investing in new technologies,” said Nicola Cordone, CEO of SIA.