Last week the Italian banking association Associazione Bancaria Italiana (ABI)
said it is entering the pre-production stage of its “Spunta Project” which is a blockchain platform for interbank reconciliations. The number of participants in the ABI Lab initiative has grown from 14 banks
four months ago to 18. They represent 78% of Italian banks by number of employees.
Three technology companies support the project. NTT Data is the developer. Italian enterprise network company SIA is providing the network infrastructure. SIA also supports 40% of SEPA transactions which is the primary payment mechanism in Europe. And the platform is based on R3’s Corda blockchain protocol.
By sharing data between any pair of banks, it should eventually eliminate the need for reconciliations between banks.
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