The Irish Funds Industry Association (Irish Funds) represents fund managers, custodian banks, administrators, transfer agents, professional advisory firms and other specialist firms involved in the international fund services industry in Ireland. The group revealed today that it is working with Deloitte and other industry participants to develop a blockchain proof-of-concept for regulatory reporting.
The project focuses on the Money Market & Investment Funds Returns Reporting regulation and has participants from a number of global asset servicing and fund management institutions, including Northern Trust, State Street and Metzler.
Irish Funds CEO Pat Lardner commented: “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.”
The project is being developed at Deloitte’s Blockchain Lab in Dublin. David Dalton, Head of Financial Services at Deloitte Ireland, 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.”
Keith Fingleton, IDA Ireland and Chairman of the Irish Blockchain Expert Group, 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.”