Bank of Ireland Conducts Blockchain Trial for Trade Reporting
One of Ireland’s “Big Four” banks has recently completed a blockchain trial centered on trade reporting. The Bank of Ireland used a blockchain as a vehicle for creating visibility into client trading activities, working in partnership with professional services firm Deloitte. Framing the experiment through the lens of regulatory compliance, the Bank of Ireland said that the project showed the potential to cut compliance costs while increasing transparency. The bank pulled data from a number of its internal systems for the test, explaining in a press release: “The trial combined synthesized....
Related News
While recent headlines have trumpeted the work of ever-expanding consortiums of global banking giants, somewhat lost in the conversation are the smaller, regional banks that are increasingly investing resources to conduct blockchain projects. For example, Bank of Ireland, one of the country’s so-called ‘Big Four’ banks, recently unveiled a trial focused on trade reporting in partnership with professional services firm Deloitte. Involving the bank’s Global Markets division, the trial, which began in January, sought to establish a reporting mechanism, based on blockchain, for the entire....
The Bank of Ireland, in collaboration with services firm Deloitte has successfully completed a joint proof-of-concept blockchain trial. The trial demonstrated the implementation of a distributed ledger as an accessible data layer, over existing financial systems while focusing on trade reporting. In a press release communicated to CCN by the Bank of Ireland today, the bank has, in partnership with Deloitte, announced the completion of a proof-of-concept blockchain trial. The successful trial demonstrated the means for distributed ledger technology to enable banks to combine the innovation,....
BNP Paribas and the Bank of Ireland have started trial runs for their respective blockchain applications. BNP Paribas has partnered with a crowdfunding platform, Smart Angels for the same. The banking sector is finally making some headway with their exploration of blockchain technology. Soon after UBS and Deutsche Bank made an announcement about the success of their blockchain technology experiment, two more international banks have now come up with their own solutions and testing them out. The French banking firm, BNP Paribas and the Bank of Ireland are the duo who have brought their....
An investment industry trade group based in Ireland has completed a blockchain proof-of-concept aimed at streamlining regulatory reporting. Irish Funds announced the end of the trial today, conducted at Deloitte's Dublin-based blockchain lab. The test, which began early last month, featured Deutsche Bank, Metzler, Northern Trust and State Street as participants. Dubbed "RegChain", the pilot utilized technology from ethereum and the InterPlanetary File System (IPFS) to track and analyze transactions, then organize the data into completed financial statements to then be viewed by....
A trade group for investment funds in Ireland has announced it is developing a new blockchain proof-of-concept focused on regulatory reporting. The Irish Funds Industry Association, which counts more than 100 banks, fund administrators, advisories and law firms among its membership, said today that it will explore the development of a platform on which both institutions and regulators can oversee relevant data. Active participants cited in the announcement include fund managers Metzler, Northern Trust and State Street. Irish Funds CEO Pat Lardner cited the need for more robust reporting....