Europe-based payments platform SIA has reportedly formed an alliance with Quant Network to roll out blockchain interoperability tools for financial establishments.
Specifically, SIA and Quant Network have reportedly been able to put cross-blockchain interoperability throughout testing phase among different protocols.
The alliance was reportedly formed with a primary target to invest resources on cross-platform applications and services, focusing on banks and financial establishments.
Particularly, both firm reportedly look to finalize the integration of Quant Network’s blockchain operating system Overledger, into SIA’s SIAchain infrastructure, allowing interoperability, which can help resolve issues troubling financial institutions, regarding blockchain integration.
Both companies have reportedly been successful in finalizing the implementation of Overledger technology within SIAchain, bridging the gap of permissioned blockchain activities, reportedly enabling cross-platform applications, nominally notarization, payments, and know-your-customer or KYC features.
Further testing is reportedly being carried out on SIAchain, R3’s Corda, and private Ethereum networks.
Quant Network and SIA reportedly have plans to implement this cross-blockchain tool to the market and conduct different use cases.