Italian Banking Association Tests Interbank Blockchain System Powered by R3 Corda

The Italian Banking Association (ABI) is currently testing a new interbank blockchain solution based on R3’s open-source distributed ledger platform Corda. According to a February 13 report from Finextra, the association has already moved into the “pre-production” phase for the “Spunta Project.”

The platform is reportedly being developed with the help of multiple technical partners, including R3, Japanese IT firm NTT Data and Italian ICT company Sia. So far, 18 banks, representing 78% of the Italian banking sector in terms of the number of employees, are actively involved in the testing and implementation of the platform, Finextra reported.

ABI says the next steps will include technical testing of the platform’s stability to verify its overall performance simulating the production phase for the entire Italian banking sector. The platform will do this by generating transaction volumes over a period of 365 days, carried out in a geographically distributed environment and connected through a private network.

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