Interbank

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.

A team of 14 major Italian banks has successfully passed the first phase of its Blockchain technology system test with the assistance of ABI Lab, the tech Lab supported by the Italian Banking Association (ABI).

The Banking Association of Italy (ABI) officially launched a Blockchain pilot to carry out a test on the technology for interbank reconciliations. ABI lab, the consortium’s technological laboratory will conduct out the trial and more 14 local banks will be initially involved in this process. The whole group will exploit the Cords platform that was developed by R3.

The Central Bank of South Africa disclosed flabbergasting outcomes on Tuesday for a particular trial of its blockchain-based system for interbank clearance and settlement.

The South African Reserve Bank announced on February 13 that it is working with the Brooklyn-based Ethereum startup ConsenSys on a trial program using JP Morgan’s open source blockchain platform Quorum. It will help to deal with interbank clearing and settlement.