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DIGITAL DEPOSITS

In 2020, a Working Group led by Cetif Advisory launched a trial on Digital Sureties involving 29 companies, with the participation of Bank of Italy, IVASS and Guardia di Finanza.

 

After a positive evaluation in 2021, three worksites were launched to further explore legal, technical and regulatory aspects with a view to industrializing the platform. In 2022, the application continued to evolve by integrating the requirements that emerged, with the goal of making it compatible with a public Blockchain as well. In 2023, it passed various phases of testing (UAT) with Guarantors and Contractors and adopted AGID requirements.

 

The publication of the New Procurement Code calls for a reduction in guarantees managed with distributed registries, while ANAC has extended the entry into force to 2025. In 2024, the system evolves further to facilitate adoption, with several financial institutions initiating on-boarding activities.

 

Digital Sureties presents an advanced platform for managing surety bonds in insurance, based on the use of Blockchain technology for notarization and complete tracking of their life cycle.

 

This solution provides superior levels of security, transparency and traceability, while simultaneously reducing administrative costs and operational risks. The platform, which complies with the regulatory requirements established by AGID and the New Procurement Code, facilitates the adoption of the system by companies, supporting rapid regulatory compliance.

 

Digital Sureties simplifies and speeds up the onboarding process for banks, insurance companies, businesses, and contracting stations, providing a scalable, state-of-the-art tool for the entire industry.

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Goals

- Ensure security and transparency: Implement Blockchain technology to notarize and track surety bonds, ensuring maximum security, transparency and traceability throughout the entire life cycle of surety bonds.

- Optimize operational processes: Reduce administrative costs and operational risks through automation and digital management of surety bonds, improving process efficiency.

- Ensure regulatory compliance: Integrate the requirements of AGID and the New Procurement Code, facilitating companies' compliance with current regulations, including with the management of guarantees through distributed registries.

- Promote adoption and scalability: Accelerate the onboarding of banks, insurance companies, enterprises, and contracting stations by providing a scalable and innovative platform that can support future growth and system expansion.

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