Total of 14 banks in Italia – including the country’s second largest bank, Intesa Sanpaolo, have completed a first trial of a blockchain based interbank reconciliation.
The aim of the project is to improve inter-bank transactions, such as the lack of a single communication protocol and standardized procedure. Also, the blockchain project is purposed to lower the amount of time, that is needed to recognize the dissimilarity of the transaction between two banks.
During the testing period and proof-of-concept, each one of the 14 banks signed a node and then uploaded data bank data – with 1,200,000 transactions processed.
Started from June 4 – until last week, the tests were held together with a research laboratory ABI lab, which is supported by the Italian Banking Association (ABI).
Corda Enterprise is the platform for the interbank system that was developed by blockchain startup R3, offering the Blockchain Application Firewall. As mentioned in the press release, that enables the platform to be “deployed inside corporate data centres, while retaining the ability to communicate securely with other nodes anywhere else in the world.”
The associate director of R3, Katerina Koutoulaki stated:
“Currently, two banks involved in the project are members of R3. They share our goal of moving blockchain applications into commercial deployment and changing business from within and we are pleased to be working with them on this project.”
The role of ABI Lab was to research if the ability of using blockchain to provide data visibility and transparency and improve transactions to be more faster.
Currently, the group of ABI Lab is getting ready for the upcoming period of the project, which will apply the blockchain based transactions for everyday usage.
Author: Sarah Tuuli