Italy’s banks set up blockchain technology to boost settlements and improve transparency
|- The undertaking is part of a program called “Spunta Project.”
- Spunta is conducted by ABI Lab, a blockchain interbank solution based on R3.
Finextra, a financial technology news outlet, reported that banks in Italy will set up blockchain technology to run reconciliations starting in March 2020. The Italian Banking Association (ABI) also announced that Italian banks will incorporate distributed ledger technology. The implementation of blockchain technology will improve transparency in transactions between banks and will make communication between counterparties more efficient.
The undertaking is part of a program called “Spunta Project,” which is being conducted by ABI Lab. ABI Lab is a blockchain interbank solution based on blockchain consortium R3’s open-source distributed ledger platform. Back in February, Spunta was undergoing testing by 18 banks, which represent 78% of the total Italian banking sector (by the number of employees). Last October, Spunta passed the initial testing phase successfully, where 14 local banks actively participated.
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