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Italian Banks Start Exchanging Interbank Transfer Data On Corda

Stefan by Stefan
27/07/2020
in Blockchain News
Reading Time: 2 mins read
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85% of Italian Banks started exchanging interbank transfer data on R3’s Corda blockchain in order to speed up the process of double-checking transaction logs so let’s find out more in our cryptocurrency news sites.

The head of innovation at the Italian Banking Association said that the interbank reconciliation process and the technology underlying the exchange data has to change. Reconciliation takes a lot of our time and was quite unpredictable as the average time for reconciliation was between 30-50 days. On Corda, reconciliation is completed in one day. The Interbank Agreement from the Italian law governs interbank transfers that were passed in 1978 and describes the process of banks sending physical tapes and once the agreement got updated in May 2019 includes data standardization. Italy set a new window between March 1 and October 1 in 2020 for integration to that standard and a blockchain that banks could use and follow the new rules.

Banks

NTT Data, the information technology company designed the network and bank technology company SIA operates it. The project is now in its second phase with about 85% of Italian banks or 55 total using the platform share interbank transfer data and the association expects to have 70 to 100 banks on the platform:

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 “The benefit is related to the new standardization more than the technology itself. It’s like the rhythm you set on your metronome that sets a [faster] timeline.”

Did you know you could use a performance test suite that contains all the code and configuration to reproduce the performance tests run at R3?

More info here 👉 https://t.co/1Lby07x9VD#developer #dlt pic.twitter.com/71LdQIzL76

— Corda (@Cordablockchain) July 26, 2020

Each bank had its own software for exchanging data that was related to interbank transfers according to Demetrio Migliorati who is the head of the blockchain at Banca Mediolanum. Using Corda for data exchanges between banks will bring fiat between banks on blockchain:

 “If we failed in this process, the worst thing that could happen was to have a problem in the information exchange between banks. Clients are not affected, the companies are not affected. It was a natural sandbox.”

The association considered a centralized database as opposed to Corda but was not open to having the banks keep the data on separate ledgers at every bank. Experimenting with small data exchanges between banks will allow Italian banks to experiment with other use cases as others also started experimenting with the know-your-customer information of credit on Spunta:

 “If we want to do something new for Spunta, we change it immediately and it is changed for all banks.”

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: banks in italiacordacorda blockchaincorda r3exchanging interbank transfer dataitalian bankstransfer data
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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