Italy Has Completed The Testing Of The Interbank Blockchain System
The Italian banking Association has announced the completion of testing its interbank system developed on the blockchain.
A group of 14 banks, which is part of the Italian banking Association, aims to accelerate the processing time of payments, as well as to increase the transparency of transactions and banking data. The project, called “Spunta Project”, also integrates authentication and data transfer.
There are 14 notes in the blockchain structure, distributed among banks. The tests enabled to successfully carry out 1.2 million of transactions between financial institutions.
The initiative was developed on Corda R3’s distributed Ledger technology, which was used by other financial institutions around the world for their own blockchain initiatives.
Interbank payments have become a popular destination for Bank and FINTECH innovators as they explore how to make an outdated strategy that moves money across borders more transparent to banks, payers and recipients.