• Sun, 24 Mar 2019, 06:44 AM
  • All times are UTC
  • Edition:
    International
Link copied

Italian interbank blockchain project enters pre-production phase

Image: Repubblica

Thu, 14 Feb 2019, 06:24 am UTC

The Italian Banking Association (ABI) has announced that its blockchain project for interbank reconciliation is entering the “pre-production phase,” Finextra reported.

The Spunta Banca Project, which is being coordinated by ABI Lab, the banking research and innovation center promoted by the ABI, aims to test blockchain potential in interbank processes. In December 2017, ABI Lab, in collaboration with NTT Data Italia, started working on a blockchain proof-of-concept for straight-through processing of interbank reconciliations using R3’s Corda platform.

The project entered the test phase in October 2018 and progressed to the subsequent stage in December.

According to the official announcement dated February 09, ABI said that a total of 18 banks, representing 78% of the Italian banking sector in terms of the number of employees, are actively involved in the testing, selection and implementation of the technology.

The project has planned a number of developmental updates including the management of infra-group reconciliations, the creation of reliable reports for auditors, and the further refinement of the matching algorithm.

Immediate steps including technical testing of the platform’s stability to check its overall performance simulating the production in the entire Italian banking sector. To do this, a data simulator will generate volumes of movements on 365 days operation.

“The simulation will be performed on a geographically environment distributed and connected via a private network. Meanwhile, we are proceeding to implement further evolutionary features with constant comparison with the experts of the pilot banks,” the ABI said (via online translation).

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $4,023.19 (-0.46%)
  • Ethereum (ETH) $137.45 (-0.70%)
  • XRP (XRP) $0.311100 (-0.55%)
  • Litecoin (LTC) $60.70 (-0.54%)
  • EOS (EOS) $3.65 (-1.12%)
  • Bitcoin (BTC) $4,023.19 (-0.46%)
Mar 22, 2019 (Friday)
10:46
SBI Group partners with U.S.-based semiconductor firm to manufacture crypto mining hardware
10:03
Square seeks engineers for new crypto-related initiatives
09:02
Cardano Foundation joins European Commission’s blockchain initiative INATBA as founding member
07:09
Blockchain smartphone maker Sirin Labs partners with MyEtherWallet
06:21
Alibaba, Aerospace Information partner to foster blockchain development
05:30
UPS partners with blockchain startup Inxeption for B2B e-commerce platform
04:36
Financial market veteran Rob Catalanello to lead crypto liquidity provider B2C2’s US expansions
03:44
Numerai secures $11M from Paradigm and Placeholder via token sale
Mar 21, 2019 (Thursday)
11:49
Former Prime Minister of Denmark joins blockchain firm Concordium as strategic advisor
11:00
North Korean dissident group CCD to issue blockchain-based post-liberation visas
10:03
Switzerland inches closer to cryptocurrency regulation
09:07
Huobi Global to launch token sale platform “Huobi Prime”
07:21
Asia Pacific Leaders Malaria Alliance’s M2030 partners with Dragonchain for blockchain-based services
06:10
CoinMarketCap launches of crypto indices on Nasdaq, Bloomberg, Reuters
05:09
seriesOne, Polymath partner to simplify security token issuance
04:13
Binance launches cash-to-crypto brokerage service in Australia
03:45
IoT startup Filament joins Enterprise Ethereum Alliance
Mar 20, 2019 (Wednesday)
11:43
Wirex launches crypto-friendly business accounts
10:43
Ground X to launch public testnet of blockchain platform 'Klaytn’ on March 29
10:08
Seoul Medical Center, Korean Ministry of Science and ICT collaborate on blockchain project
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft