30 April 2020
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.
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.
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.
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 - a subsidiary of CDP Equity - 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 Card & Merchant Solutions, Digital Payment Solutions and Capital Market & Network Solutions. SIA Group provides its services in 50 countries, and also operates through its subsidiaries in Austria, Czech Republic, Croatia, 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. 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 models 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