Italian banks will deploy blockchain technology to run reconciliations and improve transparency in transactions between banks.
The initiative comes as part of a program managed by ABI Lab dubbed Spunta Project, a blockchain interbank solution based on blockchain consortium R3’s open-source distributed ledger platform. The ABI began testing Spunta in February. At the time, Spunta was undergoing testing by 18 banks that together represent 78% of the Italian banking sector by number of employees.
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