According to the Italian Banking Association (ABI), around 100 banks are already operating on the national blockchain Spunta, developed on R3's Corda.
The first banks started to join the project, which has been launched with the aim of improving interbank data transfer and settlement speeds, in March 2020 and by May, 55 banks had already joined the network.
Now, with the addition of 42 new banks, the total number of Italian banking institutions operating on the blockchain grows to 100. Per the statement, 204 million transactions have been processed in Spunta's infrastructure since March, and the association expects the figure to exceed 350 million by the end of the year.
Blockchain technology allows to reduce times in the interbank reconciliation process, in which banks agree on how much money a bank owes to another. Even though this process usually takes up to weeks following traditional mechanisms, the use of blockchain tech reduces times to just one day.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.