More connected to the Spunta system on the R3 Corda blockchain 42 Italian banks

More 42 Italian bank signed an agreement on connecting to the Spunta system on the R3 Corda blockchain. The total number of financial organizations, connected to the network, Reached 100.

Thanks to Spunta, banks significantly accelerate the conduct of interbank residents. The system checks Correspondence of correspondent accounts, used for settlements between banks. Previously, this process was occupied by 30 to 50 days, But thanks to Spunta, reconciliation ends during the day.

Spunta developers note, that blockchain helps automatically detect inconsistent transactions, and also gives all network participants a complete idea of ​​their transactions history. Recall, that in July the Spunta system connected 55 Italian banks.

Since the launch of Spunta in March of this year, the system has already processed already 204 million transactions. By the end of the year, the number of transactions should achieve 350 million. The network development participated 18 the largest banks in Italy, in which it works 78% staff, banking.