HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

42 More Italians Banks Have Joined R3’s Spunta Blockchain Solution to Leverage DLT in Interbanking Processes

Crypto 2020/10/16 00:12 by Bernice Nyambura
42 More Italians Banks Have Joined R3’s Spunta Blockchain Solution to Leverage DLT in Interbanking Processes

A group of 42 Italian Banks has joined the Spunta blockchain project by the R3 blockchain network, which aims to reconcile the current traditional interbank process that banks use for transactions.

The process has been referred to as ineffective and lacks a standardized procedure and communication method.

Spunta Banca DLT is a private permissioned blockchain solution developed for the Italian banking ecosystem to make it more efficient, faster, transparent, and less labor-intensive.  It is powered by R3’s Corda Enterprise, the commercialized blockchain version of R3’s Corda technology.

The application accomplishes this by verifying the matching process that Italian banks use for corresponding accounts to establish and maintain a payment order. 

Through distributed ledger technology, Spunta can introduce an automated detection system for non-matching transactions. This simplifies the process by giving all participants an overview of their transaction history.

All Italian Banks Could Join Spunta by the end of 2020

The new group brings to about 100, the total number of Italian Banks that are now live on Spunta. So far, which Spunta has processed around 204 million transactions since its Mainnet launch in March 2020.

According to the Italian Banking Association, Spunta is also expected to reach over 350 million transactions by the end of 2020. 18 of the largest Italian Banks are on the network, including Intesa Sanpaolo and Banco Mediolanum.

Representing some of the early adopters, the head of Blockchain at Banco Mediolanum, Demetri Migliorati stated:

“We can really spread the ecosystem in Italy and use this kind of platform for many different use cases, from syndicate loans to anti-money laundering to know-your-customer and so on.”

Mario Costantini, General Manager of Innovation Center for Intensa Sanpaolo innovation center also said:

“This is the beginning of a journey for banks in Italy using blockchain and DLT. As a banker, I think it’s crucial that the banks cooperate with each other to introduce and standardize this kin fog technology, as it’s the only way to reach the needed critical loans.”

R3 is a blockchain startup that works with over 200 partners in both the public and private sectors to develop enterprise solutions on its blockchain platform Corda. The R3 team is spread over 13 countries and supported by more than 2000 professionals in technology, financial and legal fields from around the world. 

Other European Banks are closely watching Spunta in Italian Banks with great interest as the basis of how to establish localized processes for different banking systems in other countries. 

0 Like(s)



You should also read...

Altcoins 15/11/19 17:22 by PR DESK
Bitcoin SV’s First Year In Review – Application Development Rapidly Ignites On BSV
15 November 2019 marks one year since Bitcoin SV (BSV) emerged in the world’s first Bitcoin hash war, to declare independence for original Bitcoin.  After years of BTC and BCH protocol developers d...
Read More
Bitcoin 22/11/19 12:41 by Graham Smith
Tackling 7 Myths About Bitcoin for Beginners
For those long involved in the crypto space, it’s easy to forget just how overwhelming and mystifying the world of bitcoin was when first encountered as a fresh-faced neophyte, unable to tell th...
Read More
Altcoins 07/04/20 20:37 by Edwin Kinoti
Ripple’s ODL Remittance Payments Are Blowing Up And Fueling XRP Rally
The Ripple blockchain has been a beehive of activity over the last 24 hours in which close to 180 million XRP tokens were transferred. A significant proportion of this huge volume is attributable to ...
Read More
Bitcoin 26/05/20 12:00 by Nick Chong
JP Morgan Says Bitcoin Is 25% Below Its Intrinsic Value: Here’s Why It Can Catch Up
Although JP Morgan may not trade Bitcoin or offer crypto-specific services to its clientele, the company does analyze this nascent market once in a while. This much was made clear very recently. One i...
Read More
Crypto 21/07/20 16:27 by Bernice Nyambura
Dark Wallet Creator Amir Taaki Calls Zero-knowledge Accumulators the “New Anonymous Gold Standard”
CoinJoin-like schemes are not as anonymous as users may want to believe and some exchanges even have a zero-tolerance on mixing tools. Dark Wallet creator and early Bitcoin developer Amir Taaki re...
Read More