Around 100 Italian Banks Are Officially on a Blockchain
The Italian Banking Association claims that about 100 local banks are now operating on a blockchain network designed to speed up interbank transactions and processes.
- Banks first joined the blockchain project designed to improve interbank data transfer and settlement speeds back in March 2020 and by May, 55 banks had joined the network.
- According to ABI’s announcement, since March 204 million transactions were processed on Spunta’s infrastructure, and the association predicts this number will exceed 350 million by the end of the year.
- The blockchain speeds up the complicated process of interbank reconciliation, where banks have to agree on how much money is owed by one bank to another.
- Earlier this year, an ABI official said that traditionally, reconciliation took weeks to complete, but because the blockchain keeps a verified interbank transfer log, processing can be done within a day.
- Spunta is a project created by ABI Labs, which began trialing interbank transfers on Corda as early as 2018.
- Italian banks joined the Spunta network in waves. There have been 32 banks since March, joined by 23 more in May, and 42 more in October, according to the announcement.
- The ABI is made up of over 700 banking institutions, and announced earlier this year that Italian banks were ready to pilot a digital euro.
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