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Over 100 Institutions Apply the Technology

Oct 14, 2020 at 13:52 // News

100 banks in Italy applied a blockchain solution

Italy is known for favouring innovative technologies such as blockchain. Now, the country is trying to implement the tech in its banking sector. The Italian Banking Association announced that 100 of the country’s banks have applied the Spunta solution for the banking sector.

As CoinIdol, a world blockchain news outlet, reported, the blockchain-based project called Spunta was initially aimed at facilitating the interbank processes for the institutions to reach reconciliation and avoid unnecessary bureaucracy and red tape. 

The project piloting has started back in 2018, the official launch took place in March 2020. Since the launch, the system has processed 204 million transactions and added 100 banking institutions including Banca Mediolanum, Banca Monte dei Paschi di Siena, Banca Popolare di Puglia e Basilicata, Banca Popolare di Sondrio, Banca Sella, Banco di Desio e della Brianza, Banco BPM, BNL – Gruppo BNP Paribas, BPER Banca, CheBanca!, Crédit Agricole Italia, Credito Emiliano, Credito Valtellinese, DEPObank, ICCREA Banca, Intesa Sanpaolo, UBI Banca, UniCredit.  

Ahead of the digitization 

For now, Italy seems to be leading in terms of blockchain adoption. For now, the…

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