The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Italian banking system goes on blockchain to cut operational risk

Banca d’Italia plays a key role behind the scenes in embedding distributed ledger at the core of the country’s banking system.


At the end of April, 32 banks in Italy went into full production with one of the first large-scale deployments of blockchain in interbank markets.

While JPMorgan was far ahead of the pack in October 2018, when it launched the interbank information network (IIN) that allows its correspondent banks quickly to chase down details of failed cross border payments and rectify them, the new Spunta Banca DLT application is set to connect up an entire domestic banking system on distributed ledger technology (DLT).

Associazione Bancaria Italiana (ABI), the Italian Banking Association, built the application to swiftly and efficiently reconcile discrepancies in the separate ledgers for so-called nostro and vostro accounts that Italian banks hold for each other. It operates as a permissioned network on R3’s Corda enterprise platform.

It removes the pain of reconciling mismatches that used to take days or weeks to resolve. Mismatches can now be spotted and reconciled immediately - Charley Cooper, R3

Among the 32 banks now using it are leading institutions such as Banca Mediolanum, Banca Monte dei Paschi di Siena, Intesa Sanpaolo, UBI and UniCredit, as well as the Italian operations of foreign banks, including BNP Paribas and Crédit Agricole.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree