Italian banks develop blockchain for bank transactions

2020-7-28 15:08

A huge 85% of Italian banks have adopted blockchain as a solution for interbank reconciliation

The ABI (Italian Banking Association) successfully integrated R3’s Corda blockchain into the Italian banking system. Called “Spunta”, the project seeks to improve the interbank transaction reconciliation system — the result of a collaboration with many Italian banks.

Interbank transaction reconciliation is a bookkeeping practice between financial institutions that verifies records and crosschecks bank transactions. The process is complicated, requiring an average of 30 to 50 days to complete.

In this time, conflicts between two parties could ensue and the process could drag on even longer.

By introducing blockchain into the process, the reconciliation process can be done in just 24 hours. Its purpose is to quickly detect and mark matched and unmatched transactions on a private platform between participating banks.

Charley Cooper, an expert at R3, commented:

“It removes the pain of reconciling mismatches that used to take days or weeks to resolve. Mismatches can now be spotted and reconciled immediately “

Reports of the reconciliation will be automated, increase response time, eliminate human error and ensure high transparency.

A pilot version of Spunta was introduced in 2018 with 14 banks participating. Today, 85% of Italian banks are working with the system.

Finishing its first trial, which lasted ten months, last October, the project is now entering its second trial with 55 Italian banks using the platform. It is expected to move into its final stage in October 2020, with even more potential participants.

Benefits for early recovery

With Covid-19 still looming over the Italian economy, this new technology could potentially save the Italian financial industry a tremendous amount of time and money — offering extra solutions for other financial services and fast-tracking an economic recovery when the pandemic eases.

Italy to fast track blockchain integration

ABI has made blockchain one of its priorities in recent years, lobbying for an overall decentralised banking industry, with the digitisation of the interbank reconciliation system being one of its primary projects.

ABI is also pushing for the implementation of cryptos that are backed by the European Central Bank.

The target of this project is to increase consumer confidence in cryptocurrency by streamlining the adoption of digital currencies, ensuring monetary stability, while also following the regulations of the European regulatory framework.

Other countries, such as China, Japan and the US, are also in the race to integrate blockchain and create crypto regulations.

The post Italian banks develop blockchain for bank transactions appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0064459
Капитализация $0 Rank 99999
Цена в час новости $ 0.1016 (-100%)

blockchain italian banks bank transactions develop journal

blockchain italian → Результатов: 74


Italian Banking Association Uses Blockchain to Test Data Reconciliation Successfully

The banks from the Italian Banking Association (ABI) have processed a reconciliation of data from an entire activity of the year using the blockchain technology. According to the group’s press release, the tests were successful and proved that the technology could be very useful to local banks. During this first test, the group processed around […]

2019-10-15 00:46


eToro To Become British Premier League’s Everton Football Club ‘Official Online Trading Partner’

Late last month, Italian soccer club — AS Roma — signed an agreement with Chilliz, a blockchain entertainment firm so as to make use of this burgeoning technology in a host of novel/unique ways. Additionally, as part of the above-mentioned deal, the club will now become part of a blockchain-based voting platform called Socios (that […]

2019-8-2 17:04


International Authorities Reveal Canada’s Enormous Influence on Italian Mobsters, a Form of “Criminal Blockchain”?

In an ongoing investigation entailing Italian mobsters, investigators were reportedly describing the ‘Ndrangheta mafia family as being a form of “criminal blockchain” reports The Next Web. As per the news outlet, such description is made in reference to the “decentralization of its internal power structures.

2019-7-25 20:24


Фото:

Mafia expert: ‘Ndrangheta crime family now resembles a ‘criminal blockchain’

International investigators warn the ‘Ndrangheta mafia family now resembles a “criminal blockchain” following the recent decentralization of its internal power structures. Usually, ‘Ndrangheta families in Canada took orders from “mother clans” in Calabria, but for the first time, mobsters outside of Siderno are making decisions that impact operations all the way back to Italy, reports National Post.

2019-7-25 16:24


Blockchain Week Rome: All the news about the biggest Italian dedicated to cryptocurrency and blockchain

The Summit weekend ok Blockchain Week Rome will be an opportunity without precedents to experience the cryptocurrencies world. For the first time in Italy, guests from the most important companies in the world, such as Binance, Tron and Zcash, will join the experts of Italian country, the Institutions, and the communities, with a series of […] The post Blockchain Week Rome: All the news about the biggest Italian dedicated to cryptocurrency and blockchain appeared first on AMBCrypto.

2019-6-6 11:30


Фото:

Coinbase backpedals, fires ex-Hacking Team staff to appease users

Cryptocurrency exchange Coinbase has said it will let go of Neutrino staff who previously worked at Hacking Team in a seeming bid to appease angry users. The company landed in hot water after it acquired Neutrino, an Italian blockchain analytics startup with ties to Hacking Team, a group known for their selling intrusion and surveillance capabilities to authoritarian regimes across the globe.

2019-3-5 12:46


Фото:

Coinbase Neutrino Acquisition Reveals History Of Spying and Gov’t Data Selling

Cryptocurrency exchange Coinbase is facing an increasing publicity nightmare after it emerged the CEO of a company it took over sold private user data to governments. Coinbase: Neutrino ‘Will Help Prevent Theft’ Announced February 19, Coinbase now owns Italian blockchain surveillance startup Neutrino, having acquired the company for an undisclosed sum.

2019-2-19 20:00


Italian House of Reps Approves ‘Semplificazioni’ Bill to Define Blockchain Distributed Ledger Technology

A very important moment has finally come for Italy as the country’s parliament has approved a bill that is set to define the distributed ledger technology and the blockchain in the country. The bill was approved with 275 votes in favor, 206 against and 27 abstentions. According to the local reports, the name of the […]

2019-2-8 22:17


Hyperledger Blockchain Ecosystem Shows More Grow with Poste Italiane Joining in Its Deliver 2022 Plan

Poste Italiane, the Italian postal service provider recently released a statement saying that they are going to join Hyperledger blockchain. #PosteItaliane takes part in the establishment of an interoperable, transparent, cross-industry, distributed ecosystem joining the @Hyperledger Community, an #opensource collaborative effort with more than 260 companies that contribute to advance #blockchain based technologies. — Poste […]

2019-1-31 17:42


Фото:

The Daily: Iran Said to Announce Crypto-Rial This Week, Italy Closer to Crypto Regulation

In this edition of The Daily, Iran is reportedly preparing to announce its national cryptocurrency during a conference starting on Jan. 29. Also, a draft decree introducing legal definitions for terms related to cryptocurrencies has been introduced in the Italian Senate and the IMF has voiced concerns over Malta’s blockchain industry while recognizing the positive […] The post The Daily: Iran Said to Announce Crypto-Rial This Week, Italy Closer to Crypto Regulation appeared first on Bitcoin News.

2019-1-28 15:25


It.Coinidol.Com to Update 90 Million Italians On Blockchain and Bitcoin News

Bitcoin Press Release: Coinidol, the English speaking world blockchain news outlet with 1/2 million pageviews per month, has launched an Italian version of the website – www. it. coinidol. com 15th January, 2019, Larnaca, Cyprus: The first articles were uploaded in December 2018, but the month of the official launch for the Italian public is January 2019.

2019-1-17 07:54


FidelityHouse ICO: Blockchain Social Content Network?

Fidelity House is a social content network that enables users to receive updates on their personal interests, publish content earnings on views, and be part of a fun and innovative community. The Italian project, created with zero marketing budget, has amassed unique performance together with important recognitions. In the end, it has become one of […]

2019-1-3 05:02


Italy Calls Experts To Help In The Development Of Its Official Blockchain Strategy

Italy Calls Experts To Help In The Development Of Its Official Blockchain Strategy The Italian government wants to expand the integration of the blockchain technology in the state organizations. To do it, the government has decided to call 30 high-level blockchain experts that will help to integrate the technology in the country’s institutions. According to […]

2018-12-28 20:48


Фото:

Nigeria’s Opposition Leader Promises Cryptocurrency Policy If Elected President

Nigeria’s main opposition leader and former vice president, Atiku Abubakar, has said the country will adopt blockchain technology and cryptocurrency if he is voted into power. In his policy document, Abubakar revealed plans to create a legal policy that, among other things, will see blockchain and cryptocurrencies taught from primary school through university.

2018-11-23 00:50