Finextra published that starting from March 2020 The Italian Banking Association (ABI) is going to deploy blockchain technology to manage reconciliations.
The primary thing that’ll be implemented in the banking system of Italy is the distributed ledger technology for agreements acceleration.
This’s a part of Spunta (means “check” from Italian) Project, a program which is directed by ABI Lab, and it proposes to increase the effectiveness of interaction between counterparts in the banking sphere.
Additionally, the consortium of banking intends to perform daily reconciliations, instead of monthly ones.
Testes of the project began in February. In these teste 18 banks took part in, which is 78% of the banking sphere of Italy by the employees' number.
In February 2019, a bill of establishing DLT and blockchain was adopted by the Italian House of Representatives. Also, they confirmed the criteria that for having juridical validity they need to apply smart contracts technology.