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.

Rajarshi Mitra Independent Analyst

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.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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