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14 banks in Italy successfully perform interbank operations using Corda

14 banks in Italy successfully perform interbank operations using Corda
Oct 6, 2018 by Rico Wise

Within the framework of the Spunta Project, created in order to improve the interbank operations in the country, fourteen banking institutions selected the Corda DLT solution, designed by the R3 blockchain association. The app was designed by NTT Data Italia, with Sia, the network for decentralized data safekeeping, bringing in the node infrastructure. Within the testing period, which took 10 months, nearly 1.2 million transactions have been handled.

Some of the enhancements anticipated to be implemented utilizing blockchain innovations include the improvement of transparency, acceleration of processing times and bettering the effectiveness in terms of data exchange and verification.

ABI Lab, an Italian center for researches and innovations, is running the Spunta Project. In its next stage, blockchain applications are going to be utilized by the banking institutions in daily transactions.

The Corda network is being used not only in the interbank operations , being also implemented for international transactions. For example, in October 2017, 22 member banking institutions, including some of the biggest banks on the globe, have entered into a cooperation with R3, with hopes of facilitating the cross-border payments.

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