The Italian banking association (ABI) has successfully processed the entire year’s reconciliation data on a blockchain platform. This is a test of the Spunta Project, which has been running in the last three months.
The Spunta system included eighteen banks, representing 78% of the banking network and the workforce in the field in Italy. The network consists of 35 distributed nodes and has processed over 200 million data entries. These represent the equivalent of the system of reconciliation of banking activity in Italy for one year.
“The technology based on distributed registers ensures complete visibility of one’s movements and of the partners. The flow management speed ensures daily reconciliation instead of the monthly one currently used. This contributes to the verification of transactions between the participating banks and the integrated management of communication and processes in case of imbalance ”
is mentioned in the official press release regarding the project.
The ABI Association said that the test was a success and that blockchain technology is sustainable for processing the activity of banks.
The Spunta project in collaboration with R3
The recently amended banking agreements will allow the implementation of the Spunta system until March 1, 2020. ABI announced for the first time the intention to implement blockchain technology in mid-June.
The Spunta project is coordinated by the association’s research organization, ABI Lab and includes the NTT Data systems integration company, the decentralized Sia data storage platform and the R3 blockchain association. The network is based on the Corda technology developed by R3.