4CBNet represents a core component of the single Eurosystem platform managed by four central banks (Deutsche Bundesbank, Banca d’Italia, Banque de France and Banco de España) for the settlement of large-value payments and securities transactions
Colt, in partnership with SIA, has won the tender issued by Deutsche Bundesbank, on behalf of Banca d’Italia, Banque de France and Banco de España (the 4CB), to create and deliver the network infrastructure connecting the four central banks that manage the single Eurosystem platform for the settlement of large-value payments and securities transactions.
The 4-CentralBank-Network (4CBNet) will provide a high-speed backbone (10 Gigabits) ensuring continuity of information flows for the four central banks, preserving integrity and confidentiality. Colt and SIA will deliver an intelligent network infrastructure able to constantly monitor and manage the data traffic in a fully automated way, avoiding any single point of failure.
These capabilities enable the synchronisation of the four central banks’ data centres, providing a single virtual infrastructure to support the geographical distribution of vital applications for the European financial system. TARGET2, the platform of payments in Euro for the real-time settlement of high-value transactions in central bank money, is already in live use. TARGET2-Securities, the single European platform for the settlement of domestic and cross-border securities transactions, will go-live in 2015.
TARGET2 and TARGET2-Securities (T2S) are part of the initiatives for the creation of the single European market after the Euro, SEPA (Single Euro Payments Area) and PSD (Payment Services Directive). According to estimates by the European Central Bank, TARGET2-Securities will process a daily average of over 1 million securities transactions, as well as contributing to significant cost reduction of cross-border settlements.
The new network infrastructure 4CBNet will be ready by September 2013.
The partnership between SIA and Colt, which was awarded a Network Service Provider license for T2S last year, is further strengthened with the implementation of the 4CBNet project. This confirms the technological leadership in the financial sector and the strong European presence of the two companies.
"We are pleased to add another piece to the pan-European-wide project that we are building together with SIA. For 20 years, Colt has been serving the European financial community and has developed strong expertise in communication services and infrastructure. The T2S project, of which the network 4CBNet is part, requires specific skills in terms of technology, integration and support services that Colt, as the information delivery platform, guarantees," said Hugh Cumberland, Solution Manager, Financial Services Sector, Colt.
"The long-established SIA excellence in network services solutions for the financial sector is leading us to a steady growth path with Colt at a European level. Our previous work with TARGET2-Securities and now 4CBNet today, represent a major step forward for the creation of a new trusted financial network for the entire European financial community," said Andrea Galeazzi, Director of Network Services Division, SIA.