A host of Italian financial services players are taking part in a project to digitise the management of sureties using blockchain technology.
More than thirty organizations in the insurance, banking and finance, public and business sectors, as well as associations and institutions, including Guardia di Finanza (the Italian finance police), are participating in the national ” Fideiussioni Digitali” (Digital Sureties) project promoted by CeTIF, SIA and Reply, in collaboration with the Bank of Italy and IVASS, to digitize the management of sureties using blockchain technology.
Organizations taking part in the project include Acquedotto Pugliese, ANCE Lombardia, ANCI Digitale, ANCI Lombardia, AON, ASMEL, Assolombarda, Banca Mediolanum, Banca Monte dei Paschi di Siena, Banca Popolare di Puglia e Basilicata, Banca Popolare di Sondrio, Banco BPM, Cattolica Assicurazioni, CEDACRI, Bari Municipality, Milan Municipality, Confindustria Digitale, CONSIP, HERA, ICCREA Banca, InfoCamere, Innolva, Intesa Sanpaolo, Poste Italiane, Reale Group, ARIA – Regione Lombardia, Sicily Region, Roma Capitale (Rome Municipality), Terna, and VIVIgas energia.
„The experimentation has officially started and is currently in the solution design phase from a functional, legal and technological point of view. Between July and October 2020, at the end of the development phase, the blockchain platform will be tested by uploading and managing real and legally valid sureties.”, according to the press release.
„When fully operational, the platform will provide guarantors and beneficiaries with greater efficiency, transparency and information certainty throughout the entire surety management process, with the primary objective of reducing potential frauds.”, SIA said.
The project is being developed within a „Sandbox”, i.e. an environment for experimentation on real data under the supervision of a scientific committee composed of the Bank of Italy, IVASS, Guardia di Finanza, CeTIF, SIA, Reply and other participants in the initiative.
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