Banks operating in Italy can count on a blockchain for mutual account reporting. Spunta Banca DLT, the fintech project promoted by Abi and coordinated by Abi Lab, has in fact successfully completed the technical tests and is in production for the first section of banks participating in the initiative.
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Abi’s blockchain is currently in production
At the moment, 32 banks operate on a blockchain and have moved the entire process from a traditional way of exchanging phone calls and messages to a technology based on distributed logs. The application of a blockchain for the banking world in Italy is therefore operational, Abi explained in a statement.
After the simulations and 1,680 operational checks, between the end of January and the beginning of February in terms of performance, it emerged that all target times were achieved. Since the beginning of March the process has been operational. Data querying and the simplest operations are carried out in less than a second, even in the most complex cases, while reports are generated in half a minute. During the test, 103 reciprocal accounts, bilateral registers, were generated, fed with 7 million movements in terms of real data. The automatic matching rate recorded was 94.5%.
On the basis of these satisfactory results the pilot bank table that governs the project agreed to go into production as planned.
Meanwhile, the 23 banks that will operate in the second migration window are at work. This grouping will go into production in May 2020. The third window is already scheduled for October.
The partners of Abi’s blockchain project
The project promoted by Abi, coordinated by Abi Lab –