The pilot phase of „Fideiussioni digitali” (digital sureties), the project promoted by CeTIF, SIA and Reply – which also saw the involvement of the Bank of Italy, the Institute for the Supervision of Insurance (IVASS) and the Italian Finance Police – to digitalize the surety management process on blockchain, „has been successfully concluded”, according to the press release.
The players – including guarantors, guaranteed parties and contractors – from the banking, insurance, financial, public administration and corporate sectors participated in the trial carried out within a „Sandbox” under the supervision of a Scientific Committee made up of representatives from the relevant Authorities and public and private bodies.
More than 50 players took part in the trial, with over 350 contracts managed in four months having guaranteed sums ranging from €10,000 to €1.4m and an average amount of €275,000.
According to data provided by participants, use of blockchain and DLT technology can lead to a reduction in fraud of around 30% and in operating costs from 10% to over 50%, depending on the number of transactions processed.
Based on the effectiveness of the trial and the positive feedback of participants – who represent the main players in the management of sureties in Italy – further technological, functional and regulatory improvement activities have been started up with the aim of making the platform fully operational and available on the market in the second half of 2021.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
