85 percent of Italy-based banks use Corda for exchanging interbank data transfers

Tuesday 28 July 2020 11:01 CET | News

Banks across Italy have started using R3’s Corda blockchain to speed the process of double-checking transaction logs.

In the old system, reconciliation took a long time and was unpredictable. The average time for reconciliation was between 30 and 50 days. On Corda, reconciliation is completed within a day. The Interbank Agreement, a part of Italian law that governs interbank transfers, was passed in 1978 and describes a process of banks sending physical tapes. Once the interbank agreement was updated in May 2019 to include data standardization, Italy set a window between March 1 and October 1, 2020, for integration to that standard and a blockchain banks could use to follow the new rules.

Information technology company NTT Data designed the network and bank technology company SIA operates it. The project is in phase two with around 85% of Italian banks, or 55 banks total, using the platform to share interbank transfer data. In the third and final phase slated for October, the association expects to have 70 to 100 banks on the platform.

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Keywords: Italy, banks, Corda, interbank data transfer, R3, blockchain, transaction logs, reconciliation, Interbank Agreement, NTT Data, bank technology, SIA
Categories: DeFi & Crypto & Web3
Countries: Italy
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DeFi & Crypto & Web3