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advisory

Notarization of surety bonds: the platform is born blockchain

18.10.2024
They say about us

Meanwhile, Cetif Advisory , in collaboration with Nexi and Reply, launches the first Italian platform for managing the life cycle of surety bonds and notarizing them on technology blockchain: already uploaded the first surety bond on the application.

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. A total of 29 companies, including banks, insurance companies, associations and consortia, participated in this phase 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 Sureties 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 andAgID (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 surety bond lifecycle was then confirmed, ensuring not only traceability but also notarization at blockchain.