It’s been 18 months since Italian banks completed their first blockchain pilot for reconciling bank accounts. Led by the Italian banking association or Associazione Bancaria Italiana (ABI), and its ABI Lab, the enterprise blockchain solution has been in production with 32 banks since early March.
Given banks continuously transfer money between each other, they have to make sure they agree on the balances through reconciliations. In the pre-digital world, that involved ticking lists of transactions, which is where the term Spunta which means Tick came from.
Using distributed ledger technology (DLT), the Spunta Banca DLT enables two banks to agree the transactions quickly, or more importantly, to highlight differences. The communication is integrated with the platform.
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