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Reconciliation: Creating a single source of truth
Challenge
Reconciliation plays a vital part in a firm’s day-to-day operations, but it is also notoriously complex, labor-intensive and error-prone, especially when dealing with large volumes of data.
Solution
Corda automates and streamlines the reconciliation process because it delivers an immutable ‘single source of truth’ for multiple parties. Transactions are cryptographically signed and stored only by relevant parties to prevent exposing sensitive data.
Featured reconciliation project
Information sharing on the Corda platform, based on the need-to-know principle, was fit for purpose for Spunta… and this (archiving) helped us to build some functionalities that made the Spunta application compliant with the GDPR requirements.
Silvia Attanasio, Head of Innovation, ABI – Italian Banking Association
