85% of Italian Banks are Using Blockchain

85% of Italian Banks are Using Blockchain 1024 500 Crypto Rand Group
Italian banks blockchain

Spunta, a blockchain solution powered by R3 Corda, is now used by 85% of Italian banks to accelerate and secure interbank data transfer.

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According to sources close to the case, many member banks of the Italian Banking Association are now using Spunta, a blockchain solution developed with Corda, the blockchain platform designed by the American company R3.

The Spunta solution was designed by NTT Data, a Japanese company specializing in IT engineering services, and is operated by SIA, a banking technology company.

The aim is to significantly reduce the time needed to carry out interbank data transfers, particularly in the context of bank reconciliations.

Previously, the average time to complete a bank reconciliation was 30 to 50 days and the outcome was sometimes uncertain,” says Silvia Attanasio, ABI’s innovation manager. Using the blockchain solution developed based on Corda, the process is now completed within 24 hours.

The integration of this blockchain solution is the result of an interbank agreement that came into force in May 2019 and requires all Italian banks to adopt new data standardization rules by October 1, 2020 at the latest.

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The blockchain coming soon to all Italian banks?

The Spunta project has already entered its second phase and around 55 Italian banks are currently using it. The third and final phase will take place in October 2020. By then, the association expects that around 70 to 100 banks will have subscribed to the blockchain solution.

“The advantage is linked to the new standardization more than to the technology itself. It’s a bit like the rhythm you give your metronome that sets a faster pace,” added Attanasio.

In addition to performing interbank data transfers, some Italian financial institutions have already started using Spunta to share their customers’ KYC data and credit guarantees.

Trialed since June 2019, the Spunta solution is now part of the Italian interbank landscape having proven its efficiency.

As a result, it is likely that in the coming months, more blockchain solutions will be introduced into other services related to banking processes.

Italian banks have already been experimenting with blockchain solutions for a long time and the results seem to be conclusive. Moreover, Italian banks have recently stressed that they are ready to welcome the first experiments with a digital euro.

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