SIA rolls blockchain infrastructure for reconciliation of reciprocal accounts

Wednesday 29 April 2020 04:55 CET | News

SIA has launched a blockchain infrastructure that enables the ‘Spunta Banca DLT’ application, an initiative promoted by ABI (Italian Banking Association) and coordinated by ABI Lab.

The app allows the reconciliation of reciprocal accounts among Italian banks using Distributed Ledger Technology. The project has seen the technical tests successfully completed (over 7 million transactions on real data) and the release to production. To date, a first group of 32 banks have already digitalised, using blockchain, the entire process of reconciliation of the flows of transactions that generate accounting entries in the reciprocal accounts in Italy and of management of pending transactions.

Another 23 banks will start operating in May 2020, with a third migration wave scheduled for October 2020. ‘Spunta Banca DLT’ is based on SIAchain, the private technology infrastructure created by SIA that enables financial institutions, corporates, and public sector bodies to develop and implement blockchain based applications. 

In Europe, this infrastructure makes use of the approximately 580 network nodes of SIAnet, a high speed, low latency fiber optic network that is over 208,000 kilometres long. The project by ABI and ABI Lab was made possible, in addition to SIA, also thanks to the technical partners NTT DATA and R3 with the Corda Enterprise platform.

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Keywords: Spunta Banca DLT, SIA, Italy, reconciliation, banking, payments , banks, payments , R3, Corda
Categories: Banking & Fintech
Countries: Italy
This article is part of category

Banking & Fintech