The project will focus on resident investment fund returns under the Money Market and Investment Funds Returns Reporting regulation, and is intended to result in a reporting platform that is easily accessible to both reporting entities and the regulator.
The platform will be developed in Deloitte’s new EMEA Grid Blockchain Lab in Dublin, with help from representatives from the likes of Northern Trust, State Street and Metzler.
Once developed, the platform will test the application of blockchain for improving compliance and transparency, and is intended to help determine the cost benefits of using blockchain for this kind of reporting.
Pat Lardner, CEO of Irish Funds, 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 financial technology.”
David Dalton, head of financial services at Deloitte Ireland and a sponsor of the 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 cost and improve efficiency. This is an important step in bringing this to reality.”