EY, the business services firm formerly known as Ernst & Young, has launched a blockchain-based application to help global governments improve their management of public funds.
One of the so-called "Big Four" accounting and professional services companies, EY announced in a press release on Wednesday the launch of EY OpsChain Public Finance Manager (PFM) which, EY said, "helps governments drive transparency, provide accountable outcomes for citizens and track budgets, expenditures and results". It added:
EY OpsChain PFM blockchain provides clear, accurate and timely information for financial reporting and accountability. The system increases administrative efficiency with the capacity to track funds in real time and create a single source of integrated financial and nonfinancial performance information to support decision-making.
The application has been piloted in various administrative settings around the world, including Toronto, where the city tested its ability to manage reconciliations and interdivisional fund transfers, finding the solution increased transparency between divisions, and "facilitating more efficient and effective financial and asset performance reporting.
Mark MacDonald, EY's head of public finance management, said:
EY OpsChain PFM is an exciting new tool that helps public finance leaders to assess and improve their finance management systems. It has been very exciting to work with city leaders who continue to push boundaries and embrace new technologies.
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