As Domestic Clearing Operator, SIA:

•  directly receives from banks the electronic financial information (message, transaction or file) and on each incoming data flow executes format as well as business validation checks in order to verify consistency and security of the transmitted data
•  stores all received information to enable online/offline inquiries/retrieval, computation of traffic reconciliation, calculation of bilateral balances for Bank of Italy and forwards the settled message received by the sender bank to the destination bank
•  calculates traffic reconciliations and liquidity forecasts and sends them to its participant banks, following rules specific for each payment instrument.

Main applications managed are:
•  Credit Transfer
•  Direct Debit
•  Check Truncation
•  Electronic settlement confirmation of checks
•  Interbank fees
•  Mandate management (Allineamento Elettronico Archivi)
•  Banks fund transfers
•  Credit transfers dedicated for Public Authorities
•  Clearing of national Debit Card withdrawals & POS payments
•  Payments and collections for Corporates