The world's first blockchain platform for surety agreements in banks and insurance companies is launched

In mid-May 2021, news appeared about the first platform in the world that will allow managing surety agreements bank insurance in and sectors with the help of. blockchain Pilot tests SIA of the center CeTIF were successful, and the launch of a full-fledged blockchain platform is scheduled for the second half of 2021.

Thirty banks and organizations took part in the national project "Fideiussioni Digitali." They also tested the new platform with the conclusion of more than 350 contracts in four months with guarantees from 10,000 to 1.4 million euros (the average amount of guarantees was 275,000 euros). The main participants in the project are CeTIF (Italian Center for Technology Research), the SIA payment network and the digital consulting company Reply. The Italian Central Bank, the Insurance Supervisory Institute (IVASS) and the Italian Financial Police Guardia di Finanza also participated in the pilot test of digital guarantees.

In Europe, with the participation of the Central Bank of Italy, the world's first blockchain platform for surety agreements in banks and insurance companies is launched

In Italy, fraud is extremely common in the financial guarantee sector - 1.6 billion euros were stolen from 2017 to 2021. According to data provided by the participants of the Fideiussioni Digitali project, the use of blockchain and DLT technology can lead to a reduction in fraud by about 30%. Although the main goal of implementing the blockchain surety platform is to prevent fraud, this solution will also increase efficiency and transparency, as well as reduce operating costs by 10-50%, depending on the number of transactions processed.

Program participants carry out further technological, functional and regulatory improvements based on feedback received during the trial launch. Their goal is to make the platform fully operational and bring it to the market in the second half of 2021.^[1]

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