Interbank reconciliation network
- The reconciliation process for interbank transactions in Italy—formerly governed by the “spunta” process—has multiple parties involved and manual processes which leads to inconsistencies
- Resolving mismatches in transactions is a labor-intensive and time-consuming process
- Spunta enables banks to share common data in a secure way, performing checks and exchanges directly within the application and using standardized processes and communications for correcting issues
- Spunta lowers operational risk and creates faster and more transparent processes – with 600+ active daily users
- Why Corda? Corda was designed from the ground up to meet the exacting standards of the financial services industry, and had close compatibility with the technical competences already in place in the banks. Spunta needed to be able to set up and change bilateral channels easily.
- 91% of Italian banks (100 total) are exchanging interbank transfer data on Corda
- 331B transactions from March to December 2020. Interbank reconciliation time was reduced from 30-50 days to less than a day.