The move is part of the ABI’s Spunta Project. The project is managed by the Italian Banking Association’s research and innovation arm, ABI Labs. The Spunta Project will foster the development and use of blockchain technology in the country’s banking industry.
The ABI’s system will enable daily reconciliations for the banks as opposed to the current setup where these reconciliations are conducted monthly.
The Spunta Project launched in February 2019, in partnership with R3’s Corda platform, Japanese IT giant NTT Data and Italian decentralized cloud storage platform Sia. 18 banks participated, representing over 75% of the Italian banking sector in terms of the number of employees.
In December 2018, the Italian government announced that it had assembled 30 experts to help formulate the strategy for blockchain development in the country. The experts included lawyers, academics, scientists and business people.