An Irish funds association is collaborating with Northern Trust and State Street to develop a blockchain proof of concept for regulatory reporting.
The project, which is also being carried out alongside Deloitte, is in response the money market and investment funds returns reporting (MMIF) regulation.
The joint venture aims to create a proof of concept leveraging blockchain and smart contract technology to create a platform for regulatory reporting.
This proof of concept will test the application of blockchain for enhanced compliance, increasing transparency and to determine the cost benefit of the technology.
“Regulatory reporting is a key obligation for our members and an area of priority focus for the Central Bank of Ireland in 2017,” said Pat Lardner, CEO at Irish Funds.
“This project and the development of the proof of concept with Deloitte will benefit the industry, the regulator and demonstrates how Ireland is actively embracing FinTech.”
The project is being developed at Deloitte’s recently opened EMEA grid blockchain lab in Dublin.
“Blockchain technology has huge potential in financial services to reduce the cost and improve efficiency,” said David Dalton, head of financial services at Deloitte Ireland.
“This is an important step in bringing this to reality.”