First Blockchain-Based Interbank System by Italian Banking Association

First Blockchain-Based Interbank System by Italian Banking Association

Blockchain
October 2, 2018 by XNews Editor 3
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 Italian financial media outlet Ansa reported on September 29 that Italian Banking Association (ABI) has successfully passed the initial phase of testing their blockchain-powered interbank system. 14 Italian banks are planning to improve inter-banking processes using this distributed leader technology. Operations like the processing time of operations increase the transparency of banking information, and enable
Association

 Italian financial media outlet Ansa reported on September 29 that Italian Banking Association (ABI) has successfully passed the initial phase of testing their blockchain-powered interbank system.

14 Italian banks are planning to improve inter-banking processes using this distributed leader technology. Operations like the processing time of operations increase the transparency of banking information, and enable the verification and exchange of information directly within the application will be improved.

Complex discrepancies will be solved using the blockchain technology. In this regard, blockchain deployment in the interbank system aims to address that issue by storing data on multiple nodes shared by the banks, with the implementation of smart contracts.

Association has successfully completed 1.2 million movements on an infrastructure of 14 nodes distributed by the banks. Based on the positive results banks are using this technology for the recording of daily operations.

The blockchain interbank initiative, called the Spunta Project, is carried out by ABI’s banking research and innovation center Abi Lab. This project is based on the Corda DLT platform and developed by blockchain consortium R3, with assistance from y tech firm NTT Data.

Following Banks have implemented this project: : Banca Mediolanum, Banca Monte dei Paschi di Siena, Banca Sella, BNL – Gruppo BNP Paribas, Banca Popolare di Sondrio, Banco BPM, CheBanca! – Gruppo Mediobanca, Credito Emiliano, Crédit Agricole, Credito Valtellinese, Iccrea Banca, Intesa Sanpaolo, Nexi Banca, Ubi.

Many issues have been recorded by the consulting firm Deloitte including the risks of too slow transaction speed.

Recently, Thailand’s fourth-largest bank Kasikornbank reportedly became the first bank in the country to use blockchain technology by applying the blockchain-powered Visa B2B Connect program targeting cross-border payments. On September 20, Poland’s largest bank, PKO Bank Polski, revealed plans to launch a blockchain tool for client documents through a partnership with the UK-based firm

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