CETIF and Banca d’Italia (The Bank of Italy) have begun onboarding to their Digital Surities Platform in September, which is built on the Algorand Blockchain.
https://eng.cetif.it/advisory/progetti/fideiussioni-digitali
Digital Sureties
A surety guarantee is a type of guarantee where a third party (the surety) agrees to be responsible for a debt or obligation if the primary debtor (the principal) fails to fulfill their commitment. This guarantee provides additional security to the beneficiary, ensuring that they receive compensation for any losses incurred due to the principal’s default.
The process related to the management of surety guarantees is still poorly digitized, unable to provide efficiency parameters appropriate to the volumes handled and exposed to fraud-related risks.
These issues result in a number of critical operational issues that affect all parties involved in the legal relationship: Guarantors, Contractors and Guarantors (beneficiaries). For this reason, the Digital Sureties platform was created to combat fraud, enable the digitization of sureties and the writing of sureties in blockchain.
From January 2025 a new regulation (ANAC statement dated 06/28/2024) will require the use of a distributed system for the issuance and management of surety bonds, with a 10 percent discount for public tenders.
Digital Sureties, a platform of Cetif Advisory , is the only one that fully complies with all requirements, offering a significant competitive advantage.
The Digital Sureties platform enables the issuance, enforcement, release, life cycle management and all management of the surety relationship through a natively secure digital process. It also allows notarization of the surety bond at the Blockchain which following the surety bond must be issued and digitally signed following the new procurement code.
It must in fact be verifiable telematically at the issuer, or managed through the use of platforms operating with technologies based on distributed registers pursuant to Article 8-ter, paragraph 1, of Decree-Law No. 135 of December 14, 2018, converted, with amendments, by Law No. 12 of February 11, 2019, which conform to the characteristics established by AGID with the measure referred to inArticle 26, paragraph 1 – which came into force on January 1, 2024.
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