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.

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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 tools, highlighting the project’s development against the wider backdrop of fintech growth in Ireland.

He said of the launch:

“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.”

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The group is working with Deloitte, which is a member of the group, to develop the PoC. Development will be taking place at the firm’s blockchain labs in Dublin, which formally opened for business last month.

Image via Shutterstock

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