Banking Association in Italy announced that a total of 100 banks have now fully functional on the Italian blockchain network for banks, Spuntra.
In a statement released by the Italian Banking Association (ABI) on Tuesday, Italy’s blockchain network, Spunta now holds about 100 Italian banks after the recent addition of about 42 financial institutions.
Major Updates:
- In March 2020, banks initially joined the blockchain project created to improve the transfer of data between banks, and after only two months, 55 banks had already joined.
- Based on the statement, since March, about 204M transactions are being carried out on Spunta and according to predictions, the number is likely to increase to over 350M by the end of 2020.
- The blockchain makes the complex interbank reconciliation process easier and also accelerates the process
Earlier this year, an official of ABI explained that the traditional reconciliation process took weeks, however with blockchain the process can be done in a day
Based on reports, the banks joined the network in streams, 32 since March, 23 in May, and another 42 banks in October.
The Italian Banking association consists of over 700 banks and it stated at the beginning of the year that banks were willing to support the digital euro.
