Italian Banking Association enters blockchain phase two
The Italian Banking Association (IBA) has successfully completed the first phase of a blockchain trial, which involved technical procedural verification. The 14-member group is now ready to move into the next phase – to adopt distributed ledger technology (DLT).
As reported in Cryptovest, Banca Mediolanum, Banca Monte dei Paschi di Siena, Crédit Agricole, BNL BNP Paribas Group, Banca Sella, and Banca Popolare di Sondrio are among the members of the association, which has been working since June to upload real data to the blockchain infrastructure that relies on 14 nodes, with one node for each bank.
The group uploaded 1.2 million movements to Spunta Project, as the interbank blockchain initiative is called. With the initial phase now completed, the association is ready to launch the second, which will see the banks collaborate on a regular basis with the new DLT-based applications.
The association has authorized research and innovation centre Abi Lab to run the project. The aim is to help banks ensure data transparency, speed up transactions and streamline exchange processes.
The IBA wants to support interbank reconciliation, essentially verifying that transactions of correspondent accounts of two banks tally. Blockchain will support these processes through solutions including smart contracts.