Case Study
Revolutionizing the interbank reconciliation process in Italy
The Italian banking industry and leading technology providers pioneer the use of blockchain, with a live application transforming interbank reconciliation. Powered by Corda, the Spunta Banca DLT solution was developed by the ABI (Italian Banking Association), SIA, NTT Data and R3, governed by ABI, and is live with over 100 Italian banks, representing 91% of the nation’s banks.
Challenge
The “Spunta” Process
The legacy reconciliation process for interbank transactions in Italy has been notoriously complex.
Identifying and Addressing Inconsistencies
Hampered by a lack of standardization, fragmented communication methods and no single source of truth.
Resolving Mismatches in Transactions
Labor-intensive and time-consuming.
Solution
Identifies Mismatches
Enables banks to pinpoint mismatches in interbank transactions quickly by securely sharing common data.
Real-Time Check Ups
Perform checks and exchanges directly within the application.
Correct Issues
Uses standardized processes and communications for correcting issues.
Smart Contract Technology
Provides banks with automated feedback on their transactions.
Results
Improves Trust with Greater Visibility
Banks gain full visibility of counterparty actions at any time.
Automatic Matching
Common matching rules are shared and executed consistently on Corda.
Suspended Movements
Investigated using common or customized rules, significantly reducing operational inefficiency.
Integrated Communication Channel
Increases communication and transparency, helping to drive interconnectivity between banks.
Corda was perfect for the Spunta process for many technical reasons. We needed to be able to set up and change bilateral channels very easily. Also, information sharing on the Corda platform, based on the need-to-know principle, was fit for purpose for Spunta. It was very useful for us to have the ability to archive information because we cannot have all the history of the Spunta on the ledgers. And this helped us to build some functionalities that made the Spunta application compliant with the GDPR requirements, because we have some personal data in the process.
Silvia Attanasio—Head of Innovation, Italian Banking Association (ABI)
