“The test … has made it possible to verify the sustainability of the process and the platform,” said ABI. The test data upload and reconciliation took place in a geographically distributed and secure network-connected environment, and the settlements process was then tested from North to South and a network of 35 distributed nodes allowed realistic movements to be loaded, said ABI.
The Spunta Project is based on technology provided by the R3 consortium, SIA and NTT Data, and ABI said that the successful testing and its recently approved Mutual Accounts Agreement will allow the implementation of the distributed ledger technology for interbank settlements from March 1st 2020.
“The application of a blockchain-based process … for Italian interbank settlements will allow an automatic check for mismatched transactions on the basis of a shared algorithm, making it possible to standardize the process and create a unique communication channel, allowing interested parties visibility into transactions” said ABI.
