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Interbank operations on the blockchain: Italian banks’ successful experience

A consortium of Italian banks completed the initial testing of the Spunta project – a system of interbank transactions implemented on the blockchain. The development platform was R3 Blockchain Corda, created by NTT Data Italia.

The system approbation lasted ten months. During testing, 1.2 million transactions were successfully processed. The consortium includes more than 12 Italian banks:

Improvements achieved using the blockchain include the acceleration of transaction processing time, increasing transparency of interbank transactions and efficiency of information exchange, as well as verification of transaction details. R3 CEO David Rutter is confident that PoC (proof of concept) protocol demonstrates banks the reduction in operating and back-office expenses with the blockchain implementation.

The Opena platform was also tested for trans-border payments. The Spunta project is managed by the research and innovation center of the Italian Banking Association.

The projects next stage will be the use of the blockchain in everyday transactions. Its implementation into the banking sector not only stimulates the growth of market capitalization but also accelerates the institutionalization of digital currency.

This week’s crypto news also reports that Yale University has invested $ 400 million in Paradigm crypto-fund. Since the 1990s, the Yale Foundation has surpassed all academic institutions in the United States. David Swensen manages the incomes of prestigious American educational institution. He is one of the most influential figures among institutional investors.

The investment of Yale University in the Paradigm fund is an excellent incentive for other institutional investors.

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