Italian Banking Association’s Interbank Blockchain Project Enters Pre-Production Phasebr>
The Italian Banking Association (ABI) has announced that its blockchain interbank reconciliation project is moving into the pre-production phase.
First announced in June 2018, the Spunta Project intends to bring more visibility to exchange of interbank transactions, verifying the matching of correspondent accounts and highlighting discrepancies for automated remediation. The project, which is being coordinated by ABI Lab, involves 18 Italian banks, including Banca Mediolanum, Banca Monte dei Paschi di Siena, Banca Sella, and BNL BNP Paribas Group, among others.
In its latest announcement, ABI said that the blockchain project is now being tested by the banks after completing the first phase of the trial in October 2018. The group is planning further developmental updates, including the management of infra-group reconciliations, the creation of reliable reports for auditors, and the further refinement of the matching algorithm.
“The next steps will include technical testing of the platform’s stability to verify its overall performance simulating the production phase for the entire Italian banking sector,” ABI said. “To do this, a data simulator will generate transaction volumes over a period of 365 days. The simulation will be carried out in a geographically distributed environment and connected through a private network.”
ABI added that the association and its partners are developing additional updates that will be tested by pilot banks.