Fourteen Italian banks completed the first phase of a blockchain trial for interbank reconciliations. Following the pilot, the project is now moving into the next stage. The initiative is led by
ABI Lab, the innovation hub at the Italian banking association or Associazione Bancaria Italiana (ABI).
The project aims to provide improved transparency, speed up execution, and perform checks.
Reconciling Interbank transactions is a complex process, where the two banks on each side of a transaction try to make sure they agree. Currently, if both ends don’t agree, then it’s time-consuming to resolve discrepancies.
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