Today the Italian banking association or Associazione Bancaria Italiana (ABI) announced that its blockchain platform for reconciling interbank accounts, Spunta, now has almost 100 banks in production.
After first piloting the platform two years ago with 18 banks, the solution went into production six months ago with 32 banks. There have been two waves of new deployments, with the latest set of 42 banks going live this month, bringing the total to 97.
Previously banks reconciled accounts with each other on a monthly basis. Now it’s done every night, with 97.6% of transactions automatically matching. Communication about differences is integrated within the platform.
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