The Spunta Banca Project, a blockchain-based application for interbank reconciliations, moves on to the next phase.
17 banks, representing 65% of Italian banking sector, are actively involved in the testing, selection and implementation of the new distributed technology.
Nearly 2 million movements, two months of actual data from the 17 banks involved, were uploaded. The queries (database queries on the all transactions in a node) averaged 3.28 seconds. The application's technical features include 20 Flows, smart contracts within the Corda platform, 50 application programming interface (API) services, and 30 web pages. The test phase has been underway since 1 October with the 17 banks carrying out checks on a daily basis.
The project, which is being coordinated by ABI Lab, the banking research and innovation center promoted by the Italian Banking Association (ABI), seeks to implement blockchain in interbank processes. The project includes technical partners NTT Data and Sia, as well as R3's Corda platform. The objective is to provide data transparency and visibility, faster transaction execution and the possibility of performing checks and exchanges directly within the application.