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.
Oct 13, 2020 at 9:20 p.m. UTCUpdated Aug 19, 2021 at 4:58 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/QPV3NRVQQ5BKNE5C54DJXKB37A.jpg)
- 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.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)