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Global auditing giant EY has launched a new blockchain solution to help improve the financial management of public funds by governments.
Called EY OpsChain Public Finance Manager (PFM), the solution will help governments in their decision-making processes by creating a single source of integrated financial and nonfinancial performance information. It matches government spending programs with tangible outcomes, including instances when funding may pass through multiple layers of government and public service agencies.
"Modern public financial management requires focusing on the things that matter most – transparency, accountability and robust evidence for decision-making – all factors that can be enhanced by blockchain technology. EY OpsChain PFM is an exciting new tool that helps public finance leaders to assess and improve their finance management systems,” Mark MacDonald, EY Global Public Finance Management Leader, said.
Built on the EY OpsChain platform – EY’s enterprise-grade blockchain platform launched in 2017, the solution will allow tracking funds in real time, thereby enhancing transparency and providing accountable outcomes for citizens.
“EY OpsChain PFM blockchain provides clear, accurate and timely information for financial reporting and accountability,” EY said in a press release.
The company said that the solution has been piloted around the world. This includes a trial in Toronto, where the application was tested for the management of reconciliations and interdivisional fund transfers.
“The EY blockchain proof-of-concept for the city of Toronto could transform the way reconciliations and interdivisional fund transfers are managed, increasing transparency between divisions, and facilitating more efficient and effective financial and asset performance reporting,” EY added.
