• Sat, 16 Feb 2019, 07:03 AM
  • All times are UTC
  • Edition:
    International
Link copied

Italian interbank blockchain project progresses to the next phase

Image: Repubblica

Wed, 05 Dec 2018, 06:30 am UTC

Italian banking project on testing a blockchain application for interbank reconciliations has now moved to the next phase.

The Spunta Banca Project, which is being coordinated by ABI Lab, the banking research and innovation center promoted by the Italian Banking Association (ABI), aims to test blockchain potential in interbank processes. The key objectives are to provide data transparency and visibility, faster transaction execution, and the possibility of performing checks and exchanges directly within the application.

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.

In addition to NTT Data and R3, the project’s technical partner also includes Sia, a decentralized storage platform secured by blockchain technology.

The test phase has been underway since 1 October with the 17 banks, representing 65% of Italian banking sector, carrying out checks on a daily basis. The participating banks are actively involved in the testing, selection and implementation of the new distributed technology.

“Nearly 2 million movements, two months of actual data from the 17 banks involved, were uploaded. The queries (database queries on all the transactions in a node) averaged 3.28 seconds. The application's technical features include 20 Flows, smart contracts within the Corda platform, 50 application programming interface (API) services, and 30 web pages,” R3 said.

In an official release dated December 01, 2018, ABI Lab announced that it has signed a collaboration agreement with R3 to develop innovative applications on Corda blockchain platform.

"The agreement with R3 allows us to work together with those who build tomorrow's technological highways, clarifying the concrete needs of complex structures. Spunta Banca Project sees the concrete action in the field of 17 banks for the reconciliation between banks’ "closed" transaction on the basis of a shared algorithm. We believe that the collaboration with R3 can be rich in answers to the questions of simplification, certainty and efficiency of the processes,” Pierfrancesco Gaggi, President of ABI Lab, said (via online translation).

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,632.70 (+0.10%)
  • Ethereum (ETH) $123.01 (-0.01%)
  • XRP (XRP) $0.302400 (-0.31%)
  • Litecoin (LTC) $43.62 (+1.98%)
  • EOS (EOS) $2.81 (+0.10%)
  • Bitcoin (BTC) $3,632.70 (+0.10%)
Feb 15, 2019 (Friday)
10:50
Dutch firm ElaadNL taps IOTA technology for autonomous smart grid PoC
09:39
Rabobank pumps ‎€80M into venture fund to drive fintech and agtech investments
09:06
Enterprise Ethereum Alliance to launch token task force in 2019
07:21
BitTorrent unveils new payment card for BTT tokens
06:09
Luxembourg lawmakers pass blockchain bill into law
05:11
Canadian crypto exchange Coinsquare acquires StellarX
04:12
JP Morgan reveals key details of Quorum Blockchain-based JPM Coin
03:41
Samsung SDS develops blockchain accelerator technology to enhance transaction processing speed
Feb 14, 2019 (Thursday)
12:11
JP Morgan to trial own cryptocurrency ‘JPM Coin’ for instant client payments: Report
11:04
Intel announces new product to accelerate blockchain deployment
09:47
Huobi Wallet adds support for Japanese and Korean languages
09:11
US CFTC includes cryptocurrencies in 2019 examination priorities
07:24
Nasdaq to launch Brave New Coin Bitcoin and Ethereum indices on February 25
06:07
Italian interbank blockchain project enters pre-production phase
05:14
Enterprise Ethereum Alliance opens regional office in China
04:16
UC Berkeley launches blockchain accelerator for early stage startups
03:39
Former JPMorgan Chase executive joins blockchain startup Vakt as CEO
Feb 13, 2019 (Wednesday)
11:46
New feature to enable Coinbase Wallet users to backup private keys on Google Drive and iCloud
10:52
Hyundai Commercial partners with IBM to create blockchain-based commercial financing platform
09:45
Gibraltar Blockchain Exchange lists ICNQ token on GBX-DAX
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft