A group of 14 Italian banks completed the first phase of testing blockchain solutions for Bank-to-Bank reconciliation information.

The project is implemented Spunta platform R3 Corda, it is headed by ABI Lab — laboratory of innovation industry Association Associazione Bancaria Italiana.

As noted by ABI Lab in a press release, the purpose of the blockchain of the project is to ensure transparency and visibility of information, greater speed of operations and the possibility of inspections and data sharing on request.

Application of technology of the distributed registry enables you to install a bilateral, confidential channels for information exchange that will facilitate a interbank checks and the detection of an inconsistent transaction, the document says.

In addition, with the introduction of smart contracts DLT platform can automatically answer on the banking transactions more easier and quicker negotiation process.

The first stage of the test was analytical, was also completed download in infrastructure and real data of the 14 banks, which are nodes blockchain network. Just downloaded 1.2 million movements. The results of the first phase, the project participants acknowledged the positive and soon intend to go to the “field trials” blockchain solutions Spunta, noted in a press release.

Platform Corda R3 startup is finding new applications in banking and other fields. For example, previously 39 banks tested KYC-application on its base, Commerzbank and conglomerate Thyssenkrupp spent on Corda trial currency exchange operations, and one of the world’s largest insurance blockchain Blockchain consortia of the Insurance Industry Initiative (B3i) decided to use the platform for developing their new products.