Italian Banks Successfully Complete Trial on Interbank Transactions Using Blockchain
The test was initiated as a way of determining blockchain’s ability to enhance efficiency in the banking sector.
14 Italian Banks Complete Blockchain Test
The initial test of an interbank reconciliation blockchain has finished in Italy. The test involved Intesa Sanpaolo and 13 other financial facilities. The former is ranked as the second largest bank in Italy.
The trials commenced in early June this year and ABI Lab was contracted to help with the initiative. ABI Lab is a research facility operating under the Italian Banking Association. The test was officially completed a week ago.
Generally, the initiative is geared towards promoting efficiency in the inter-bank transfers. It will specifically focus on the period required to single out transactions are not matching between two participating banks. It will also solve the issue of unavailability of a clear procedure and communication channels.
During the test period, each participating bank was given a node and banks shared the real bank data. After this feature was activated, over one million transactions were conducted through the testing phase.
The entire interbank platform is set up on Corda Enterprise which was set up by R3 under the Blockchain Application Firewall. This partnership permits the systems to be used in corporate information bases. At the same, it restores the capability to communicate in a secure environment with other nodes globally.
Katerina Koutoulaki, an official from R3, two of the facilities that took part in the test are part of R3. The banks are guided by R3’s aim of shifting blockchain apps into a commercial changing venture from inside.
Additionally, the system also uses the Sia blockchain node structure. Sia’s deployment is meant to come up with bilateral centres where each can share data while at the same time retaining confidentiality and security. A press statement, Sia’s system will be key in providing data to those who need it.
The Upcoming Phase
The trial came up after ABI Lab resolved to explore the benefits of blockchain in the banking sector. The main aim was to determine if blockchain can offer openness in data, timely transactions and an opportunity to review transactions. At the moment, the second phase of the project in under works and banks will be required to use blockchain systems on a daily basis.