Italy will Use Blockchain and Fintech for Interbank Checks
The update of the agreement for the maintenance of joint accounts between banking institutions regarding the interbank check was finally approved. This allows in perspective the running of the check process in a new way, i.e. using the technology based on distributed registers, the so-called blockchain, starting from March 2020. The financial technology brings new step for banks and other institutions in Italy.
Therefore, it is a blockchain for banks working in Italy and a new step forward for its real application. Spunta Project, the program organized by Abi Lab, the research and innovation center for the banking institution, is aiming at applying the technology to a wide range of interbank processes.
The tenacity is greater visibility of information, higher speed of performance and possibility of checks and proofs openly on the application and this will be done with other giant technical partners including NTT Data, Sia, plus Corda di R3 for the platform.
Steady Growth in ICT Investments
Considering the surveys recently conducted, fintech has significant potential for traditional banks. The tech is widely used in a wide number of startups by around 90%, social media platforms by about 65% and big tech firms by 60% and these are seen as the most disruptive novelties in the financial sector.
In Italy, banks and other financial institutions have started to see the potential of blockchain and distributed ledger technologies (DLTs). They are also adopting other disruptive technologies such as smart contracts, cryptocurrencies and others. They are doing all these to adapt with the changing payment and business environment that is being dictated by technology since we are in the innovation era.
The use of ICT, blockchain and DLTs in banks and other major monetary services, with no doubt, will change the way how business models are being run, particularly, when it comes to internal control system, risk management and organizational processes. Digital currency and blockchain technology will help to upsurge the
work efficiency of financial institutions in Italy and the world at large.