Since May, a total of 55 banks have been operating on Spunta, the Italian banking sector blockchain. The latest addition of 23 banks have entered into operation, on top of the initial 32 operational since March.
In this way, the Italian banking sector technological infrastructure of nodes becomes stronger and richer. Spunta Banca DLT (Distributed ledger technology), the project promoted by ABI and coordinated by ABI Lab, is fully operational for the interbank reconciliation process. The 55 banks that operate on a blockchain to date have moved the entire process from a traditional slow and labour intensive exchange of telephone calls and messages to a fully technology based solution that streamlines and automates the reconciliation of transactions.
The new application verifies the matching of correspondent accounts that involve two different banks. The interbank reconciliation procedure in Italy is linked to processes traditionally carried out by the back office and are aimed at reconciling the transaction flows that generate accounting entries in the mutual accounts in Italy and at managing pending transactions. Up to now, reconciliation was based on bilateral registers with a low level of standardisation and operating processes that were not very advanced. The implementation of a blockchain-based process using Distributed Ledger Technology (DLT) for interbank reconciliations in Italy makes it possible to automatically detect non-matching transactions using a shared algorithm, standardises both the process and the single communication channel, and provides a comprehensive view of the transactions among the interested parties. As a consequence, the principles of the new Spunta envisage full visibility of the transactions and those of the counterparty; rapid management of the flows with daily, rather than monthly, reconciliations; shared rules