Italian banks set to integrate blockchain technology
- Blockchain technology is going to be integrated by Italian banks.
- The ABI in the country has conducted the necessary research, aiming to see a large improvement in efficiency and transparency.
The Italian Banking Association (ABI) are set to integrate blockchain technology for the purpose of running reconciliations beginning March 2020, according to Italian press Finextra.
It will mark the first official use of blockchain among Italy’s banks, to be integrating distributed ledger technology in interbank processes to accelerate settlements.
The action is part of the ABI’s project, known as Spunta. The goal is to improve transparency and efficiency of communication between banking counterparts. The word “spunta” Italian, translates to check.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
