The Italian Banking Association (ABI) has opened a pilot project on blockchain-based interbank reconciliations to a first group of 14 lenders.The work group, composed of the participating banks and ABI Lab, is using R3's blockchain-based Corda platform to bring more visibility to exchange of interbank transactions, verifying the matching of correspondent accounts and highlighting discrepancies for automated remediation.
First previewed in December, the new process will make bilateral channels available through which each counterparty can exchange information via a series of smart contracts providing real-time feedback on transactions passing over the network. ABI Lab is collaborating with NTT Data for development of the application and SIA as provider of the node infrastructure and verification process.
