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.
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