Italian bank consortium completes interbank transfers trial via R3s Corda

Friday 5 October 2018 10:33 CET | News

Intesa Sanpaolo, the second largest bank in Italy, and 13 other banks have successfully completed the first phase of an interbank reconciliation blockchain trial conducted using R3’s platform.

The interbank system is built on Corda Enterprise, the platform developed by blockchain consortium startup R3 that offers what is called a Blockchain Application Firewall. The project also utilizes the SIA blockchain node infrastructure. The tests, which started on June 4, were held in conjunction with ABI Lab, a research lab supported by the Italian Banking Association (ABI).

ABI Lab was set up to investigate whether blockchain can provide data transparency and visibility, faster transactions and the ability to perform checks and exchanges directly within the application, according to CoinDesk. The project is aimed to improve certain aspects of inter-bank transactions, such as the time needed to identify mismatched transactions between two banks, and the lack of a standardized process and a single communication protocol.

In the 10-month proof-of-concept and testing phase, each bank was assigned a node and the banks uploaded actual data bank data, processing 1,200,000 transactions through the course of the trial.

The group is now preparing for the next phase of the project in which the banks will utilize the blockchain application for everyday transactions.

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Keywords: Intesa Sanpaolo, R3, banking consortium, blockchain, corda, interbank transfers, Italy
Countries: World