Irish Funds just announced that it is working with industry participants and Deloitte to develop a blockchain proof of concept for regulatory reporting.
The project, which will focus on the Resident Investment Fund Returns (Money Market & Investment Funds Returns Reporting- MMIF) regulation, will result in the design and development of a proof of concept leveraging blockchain and smart contract technology to create a platform for regulatory reporting accessible to the reporting entity as well as a regulator.
Moreover this proof of concept will test the application of blockchain for enhanced compliance, increasing transparency and to determine the cost benefit of the technology. The collaborative project sees multiple participants drawn from a number of global asset servicing and fund management institutions, including Northern Trust, State Street and Metzler. The project is being developed at Deloitte’s recently opened EMEA Grid Blockchain Lab in Dublin.
Commenting on the announcement, Irish Funds CEO, Pat Lardner said:
Regulatory reporting is a key obligation for our members and an area of priority focus for the Central Bank of Ireland in 2017. This project and the development of the proof of concept with Deloitte will benefit industry, the regulator and demonstrates how Ireland is actively embracing FinTech.
David Dalton, Head of Financial Services at Deloitte Ireland, and sponsor of Deloitte’s EMEA Grid Blockchain Hub commented:
We are delighted to be working with Irish Funds and their members in demonstrating the value of Blockchain technology in investment management, Blockchain technology has huge potential in financial services to reduce the cost and improve efficiency. This is an important step in bringing this to reality.
Also welcoming the initiative, and its positioning of Ireland at the forefront of blockchain development, is Keith Fingleton, IDA Ireland and Chairman of the Irish Blockchain Expert Group who said:
Blockchain is a key disruptive technology that has the potential to revolutionise the funds industry. It is excellent to see Irish Funds taking the lead and developing this proof of concept, which will help prepare their members for the regulatory and technical challenges that lie ahead.