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System experimentation will start in January 2020, in collaboration with Bank of Italy and IVASS, with the involvement of insurance companies, banks, financial institutions,
public sector bodies and corporates.
The goal – significantly reduce the number of frauds (1.6 billion in the last 4 years *)
while generating efficiency by dematerializing documents,
thus facilitating information sharing among the players involved.
23 December 2019
Experimentation of the national project will start in January 2020, promoted by
Reply, in collaboration with
Bank of Italy and
digitize the management of sureties using blockchain technology.
The “Fideiussioni Digitali” initiative (Digital Sureties) was born at the end of the feasibility study, which lasted about 4 months and involved
around thirty major players in the insurance, banking and financial sector, the public sector and corporates.
The main objective is to
reduce the number of fake sureties that,
according to a recent investigation by the Italian Finance Police *, over the last 4 years amounted to 1.6 billion, in addition to generating efficiency through the dematerialization of documents. The initiative also
aims at facilitating the sharing of information among the players in the ecosystem (guarantor, guaranteed party and contracting party) through the “notarization” of sureties, and at
ensuring the security of the entire process.
The “Fideiussioni Digitali” solution will be developed as part of a “Sandbox”, meaning an environment in which to experiment on real data under the supervision of a scientific committee made up by Bank of Italy, IVASS, CeTIF, SIA, Reply and other participants.
* Source: Sole 24 Ore
CeTIF, the Research Centre on Technology, Innovation and Finance has been working since 1990 in research, promoting programmes on strategic and organizational change in the financial, banking and insurance sectors, involving within its network about 20.000 professionals. Among CeTIF institutional partners there are Banca d’Italia, IVASS, ABI, ANPB, ANIA, AIPB, CLUSIT and CONSOB. CeTIF is also a founding partner of FIT, the European network of the Research Centres of finance and innovation. www.cetif.it
SIA is European leader in the design, creation and management of technology infrastructures and services for Financial Institutions, Central Banks, Corporates and the Public Sector, in the areas of payments, cards, network services and capital markets. SIA Group provides its services in 50 countries, and also operates through its subsidiaries in Austria, Croatia, Czech Republic, Germany, Greece, Hungary, Romania, Serbia, Slovakia and South Africa. The company also has branches in Belgium and the Netherlands, and representation offices in the UK and Poland. In 2018, SIA managed 14 billion institutional services transactions, 7.2 billion card transactions, 3 billion payments, 51.7 billion financial transactions and carried 1,204 terabytes of data on the network. The Group, which currently has over 3,400 employees, closed 2018 with revenues of €614.8 million. For more information: www.sia.eu/en
Reply [MTA, STAR: REY] specialises in the design and implementation of solutions based on new communication channels and digital media. As a network of highly specialised companies, Reply defines and develops business models enabled by the new paradigms of big data, cloud computing, digital media and the internet of things. Reply delivers consulting, system integration and digital services to organisations across the telecom and media; industry and services; banking and insurance; and public sectors. www.reply.com