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SIA blockchain sureties a sure thing in south Italy – FinTech Futures

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SIA’s blockchain infrastructure will be used by the south Italian Municipality of Bari to digitise the administrative processes related to sureties.

Experiment will make use of SIAchain technology infrastructure

Experiment will make use of SIAchain technology infrastructure

According to SIA, this is the first experiment in Italy to use distributed ledger technology (DLT) relating to sureties in the public sector that will allow the municipality to dematerialise the issuance process by banks, financial intermediaries, and insurance companies and certify the sureties “unequivocally and irrevocably”.

Antonio Decaro, Mayor of Bari, says: “By increasing our experience in the use of DLT, we can support the work of PA [public administration] bodies while triggering unprecedented technical and employment scenarios.”

SIA reckons the project will help reduce the processing times of the various phases, eliminating any manual errors and also preventing possible fraud by unauthorised parties related to the presentation of false documents.

The experiment will make use of its SIAchain technology infrastructure.

SIA’s interest in blockchain is well known.

As reported in December 2018, it was part of a blockchain system test for interbank processes. Quite a few banks are involved.

It’s with the help of ABI Lab, the technological laboratory supported by the Italian Banking Association (ABI).

The Spunta Banca Project (loose translation: “Bank Check” Project) includes technical partners NTT Data and SIA, as well as R3’s Corda platform.

SIA blockchain sureties a sure thing in south Italy – FinTech Futures

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