The Demo Go Live session of Digital Sureties, a platform created by Cetif Advisory - Università Cattolica del Sacro Cuore in Milan with the collaboration of Blockchain Reply, kicks off at the end of November. To preview test the application's features are Guarantors, Contractors and Guarantors.
The platform
Digital Sureties will then go into production from January 2023. The Digital Sureties platform is developed on cross-platform technology blockchain (Algorand) and DLT (Corda).
31 member institutions
At the moment, 31 institutions have confirmed their participation in the Demo: including Acquedotto Pugliese, Banca Agricola Popolare di Ragusa, Banca Monte dei Paschi di Siena, Banca Popolare di Puglia e Basilicata, Banca Popolare di Sondrio, Banco BPM, BPER Banca, Municipality of Bari, Municipality of Milan, Consip, Hera Group, ITAS Assicurazioni Group, ING BANK N.V., Intesa Sanpaolo, Net Insurance, Puglia Sviluppo and Unicredit.
The Digital Sureties Pilot
May 2021, moreover, saw the completion of the pilot phase for Digital Sureties: the project promoted by CeTIF, SIA and Reply, in which the Bank of Italy, Ivass and Guardia di finanza also participated, to digitize through blockchain the surety bond management process will be fully operational and available on the market by the second half of 2021.
More than 50 operators involved...
During the 4-month trial period, more than 50 operators (including guarantors, guarantors and contractors) from the banking, insurance and financial, PA and corporate sectors tested the functionality of digital surety bonds within a sandbox, under the supervision of a Scientific Committee composed of representatives of authorities, public and private entities.
... and more than 350 sureties managed.
During that period, more than 350 sureties were digitally managed, with surety amounts ranging from 10 thousand euros to 1.4 million euros and an average amount of 275 thousand euros.