100 italian banks go live on Spunta blockchain – Finextra

In Italy it is fully operational the Italian banking sector blockchain.

Since October, around 100 banks have been operating on Spunta, the nodes network. The third group of banks have entered into operation, using interconnected nodes in the bilateral accounts’ reconciliation. In this way, the technological infrastructure of nodes is working for the banking sector and for Italy. The latest addition of banks has entered into operation, on top of the 23 operational since May and the initial group of 32 that started in March. Spunta Banca DLT (Distributed ledger technology), the project promoted by ABI and coordinated by ABI Lab, is fully operational for the interbank reconciliation process. As of today, around 100 banks have access daily to their own nodes to manage this interbank process, that moved from a traditional slow and labour intensive exchange of telephone calls and messages to a solution that leverage a frontier technology that streamlines and automates the reconciliation of transactions.

Spunta, the banking industry blockchain in Italy, is being followed with great interest by other European banks. It is under study to create of an international working group to set out the requirements to match the characteristics of the ‘nostro’ and ‘vostro’ account processes across different countries and therefore to extend the application across the European banking sector.

Additionally, in Italy there are many further usage potentials within the banking sector, as well as expanding the network of nodes to other industries to generate a seamless relationship with their banks.

Spunta’s partners

The project promoted by ABI, coordinated by ABI Lab – the banking research and innovation center promoted by the Italian Banking Association (ABI), for the application
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