FinTech SIA has launched a new blockchain infrastructure to power the Italian Banking Association’s Spunta Banca DLT application, which allows the reconciliation of reciprocal accounts among Italian banks through the use of distributed ledger technology.
To date, a first group of 32 banks have already digitalised their entire process of reconciliation of the flows of transactions that generate accounting entries in the reciprocal accounts in Italy and of management of pending transactions. Another 23 banks will start operating next month, with a third migration wave scheduled for October 2020.
“With the release to production of the ABI blockchain project, SIA confirms its role as the technological partner of reference to develop and support innovative initiatives that are particularly complex and characterized by high performance and safety features,” said Daniele Savarè, director of innovation and business solutions at SIA.
“We have created a blockchain infrastructure for the entire Italian banking sector and this will make it easier and faster to enable other use cases. Spunta Banca DLT could, therefore, be the forerunner for a series of further systemic projects in the banking and financial sector in Italy and Europe.”
Copyright © 2020 FinTech Global
