Red Hat Blog
In late 2017, SIA (Societá Interbancaria per l’Automazione) launched a new digital platform that lets people in 34 countries across Europe transfer and receive sums of up to €15,000 per individual transaction in seconds, 24 hours a day, every day of the year. It’s a system that can process 27 million payments daily, with an average round trip of 20 milliseconds and a 99.999% availability, and you can hear all about it at this year’s Red Hat Summit, May 8 – 10 at San Francisco’s Moscone Center.
Instant payment services have been getting a lot of attention and adoption is on the rise, in part because of flourishing digital technologies like smartphones and new digital payment services from fintech startups and others. According to CapGemini, digital payments comprised of online, mobile, and contactless cards were expected to hit $3.6 trillion in transaction globally in 2017, which is a 20% growth from $3 trillion in 2015, of which 60% growth is attributed to the contactless cards segment. Increased demand from merchants and customers, and even regulatory agencies around the world are also driving real-time payments, according to a Deloitte report.
So how has SIA made its instant payment processing service a reality? It started with a shift from legacy technology to an open source platform that includes Red Hat JBoss Fuse to collect and store transaction data, Red Hat JBoss BPM Suite to manage business rules and related governance workflows, and a web application that uses Red Hat JBoss EAP for custom user interfaces to manage rule editing and versioning.
Of course, there’s much more to the story. To hear it, be sure to catch SIA’s presentation at Red Hat Summit next week, “How to build a European scale instant payments platform,” Wednesday, May 9 from 3:30 p.m. – 4:15 p.m. in Moscone West room 2024.
You’ll hear how SIA and Red Hat partnered to make the instant payments system blazingly fast while preserving data consistency and functional requirements needed by a payment solution. Presenters include SIA’s Giovanni Fulco and Red Hat’s Giuseppe Bonocore and Ugo Landini, who will share the experience of developing and putting the system in production. We look forward to seeing you at Red Hat Summit!