The Italian Banking Association (ABI) is now testing a blockchain interbank solution based on blockchain consortium R3’s open-source distributed ledger platform Corda, fintech news outlet FinExtra reports on Wednesday, Feb. 13.
The ABI states that the platform has been developed together with its technical partners — R3, Japanese IT firm NTT Data and Italian ICT company Sia. The project, dubbed “Spunta,” is reportedly now being tested by 18 banks that represent 78 percent of the Italian banking sector by number of employees.
According to the association, the project is now in its pre-production phase and it will be launched for a focus group after a number of initial tests. Furthermore, the developers will test the platform’s stability by generating transactions volumes over a period of 365 days.
At the same time, the ABI and its partners are developing additional updates that will be tested by pilot banks, reconstructing the production processes of the whole Italian banking sector, the association notes.