Cetif, Nexi and Reply announce the operation of Banca Passadore as the first pilot bank on the Digital Sureties platform

Cetif Advisory, in collaboration with Nexi and Reply, is pleased to announce that Italy's first platform for managing the lifecycle of surety bonds and notarizing them on Blockchain technology has been operational on the market since September 2024 and that the first surety bond has been uploaded to the application. This achievement represents a significant milestone in the industry's digitalization journey.

The platform, the result of years of effort and development, took shape starting in October 2019, when the main critical issues in the surety industry were identified, including: poor digitization, high fraud, and unstructured management. In response to these challenges, an experimental phase was launched between February and December 2020, with the aim of developing a MVP (Minimum Viable Product) to digitize surety bonds on Blockchain Corda R3 delivered by Nexi, the European PayTech leader in digital payments. Aquesta phase was attended by 29 companies, including banks, insurance companies, associations and consortia, under the supervision of a scientific committee composed of multiple authorities.

With the conclusion of the testing phase in December 2020, it was decided to proceed with the industrialization of the Digital Surety platform. To achieve this goal, three analysis worksites were launched between February and July 2021, followed by development worksites between July and December 2021, leading to the realization of the final platform, integrating in-depth legal, functional and technical analyses.

In early 2023, the introduction of the New Procurement Code resulted in significant changes to the platform to align with new regulations and AGID (Agency for Digital Italy) requirements. Thanks to the ANAC Circular of June 28, 2024, the need for a solution capable of managing every phase of the life cycle of sureties was then confirmed, ensuring not only traceability but also notarization at Blockchain. This innovative lifecycle management and notarization process allows, among other things, the guarantor to apply for access to the 10 percent discount on the guaranteed sum even before the pec to pec deadline set for Dec. 31, 2024.

Today, Cetif, Nexi and Reply are proud to announce the operation of the first pilot bank on the Digital Sureties platform, Banca Passadore, which as of September 12, 2024 is fully operational on the platform and has uploaded the first surety bond to the application, enabling notarization of surety bonds on Blockchain and the ability to verify their veracity from the public site. This marks a major step forward for the entire industry.

"Our role as a technology partner in the implementation of the platform is a confirmation of our ability to provide the market with innovative, cutting-edge solutions capable of ensuring efficiency, speed and security ," comments Renato Martini, Digital Banking Solutions Director at Nexi. " Our investments in technology and our best-in-class expertise enable us to make services and solutions available to the market that meet its needs and bring concrete benefits to the entire supply chain.

" Banca Passadore & C S.p.A. ," say the bank's management, " expresses satisfaction with the launch of the innovative platform. The decision to invest in this new tool confirms the constant attention devoted to the technological infrastructure for offering reliable and innovative banking services, with cutting-edge solutions, which aim to integrate, with simple and efficient tools, the personalized relationship with the Customer. The Bank, a unique case in Italy for its size, manages an IT system developed entirely in-house, a situation that has certainly favored the rapid adherence to the platform."

"As a partner in this project, we are proud to have provided our experience and expertise from both a functional and technological perspective in creating a cutting-edge blockchain solution that is scalable and configurable according to the needs and specificities of each actor. The platform we have created for the digitization and certification of surety bonds not only guarantees the security and transparency of this instrument, but also revolutionizes its entire lifecycle management thanks to the immutability and traceability offered by the technology blockchain. This service represents a significant step toward innovation in the financial and insurance sector," commentsRoberto Tognoni, Executive Partner Reply.

"We are proud to see the fruit of five years of work materialized, now fully operational in the market, supporting the digitization of surety bonds for financial institutions and insurance companies, as well as in fraud prevention. Thanks to our platform, the entire life cycle of surety bonds can be managed more easily and efficiently, significantly lowering the risk of fraud. As Cetif Advisory , we are pleased to make our know-how and expertise available, thus contributing to industry innovation." - concludes Prof. Federico Rajola, President of Cetif Advisory .