19 January 2018
visit http://response.ncr.com

Italian banks to test R3 Corda for payments reconciliation

19 December 2017  |  18531 views  |  0 data with digital fingerprints

The research and innovation centre of the Italian Bankers Association, ABI Lab, is building a blockchain proof-of-concept to handle straight-through processing of interbank reconciliations over the R3 Corda platform.

For the trial, ABI Lab, in cooperation with NTT Data Italia, will explore the applicability of DLT to issues such as the time taken to identify mismatched transactions between two banks, lack of a standardised process and communication protocol, and limited visibility of transactions between parties.

Corda uses DLT to provide a single, immutable record of each transaction, resolving the discrepancies in mismatched data that are often costly and complex to resolve.

Pierfrancesco Gaggi, president of ABI Lab, comments: “The success of this pilot will simplify the resolution of the suspended movements in the correspondent accounts between banks in terms of better efficiency, transparency and speed of this process. Starting from a simple area using DLT can be a good solution to pave the way for future implementations with a stronger knowledge on these tools generated from a sector-level project”.

ABI Lab is run by the ABI for over 160 banks and 65 information communication technology companies in Italy.

David Rutter, CEO of R3, comments: “The manual processes and systems used for interbank reconciliation are time-consuming, costly, labour-intensive and error-prone. Working with ABI Lab we are using Corda to automate the matching process, helping Italian banks avoid mismatches and improve efficiency and accuracy across the board. This PoC will demonstrate how easy it is for banks to reduce their operational and back office costs, while saving time and communicating securely by utilising DLT.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SIA to open network nodes to R3 blockchain apps

SIA to open network nodes to R3 blockchain apps

06 November 2017  |  6026 views  |  0 comments | 4 tweets | 7 linkedin
20+ banks and R3 plan DLT-based cross-border payment platform

20+ banks and R3 plan DLT-based cross-border payment platform

31 October 2017  |  13586 views  |  0 comments | 15 tweets | 26 linkedin
R3 raises $107m

R3 raises $107m

23 May 2017  |  18710 views  |  0 comments | 17 tweets | 16 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.vasco.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11204 views comments | 32 tweets | 38 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10325 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9932 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9393 views comments | 18 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8477 views comments | 8 tweets | 6 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job