After Ernst & Young (EY) announced they would be releasing their ZK-Snarks privacy tool, Nightfall, this month, it seems that another accountancy Big Four giant wants to get its teeth stuck into the blockchain.
The Institute of Banking (IoB) has recently announced a partnership with Deloitte in conjunction with three Irish banks, namely the Bank of Ireland, AIB, and Ulster bank, to start using a staff data solution that is running on the blockchain.
Deloitte has developed the Ethereum-based tool within the confines of its dedicated EMEA Blockchain Lab. The tool will facilitate a wide range of staff- related data management and is currently in beta, but is intended to be rolled out at some point during the summer of 2020. The tool is also said to be the first of its kind in the European financial services industry.
The goal of the partnership is reduced annual costs, reduced risk and enhanced user experience. The tool will also aid banks in regulation around the compliance with the Central Bank of Ireland’s Minimum Competency Code (MCC) and Fitness and Probity regimes for financial institutions.
Employees will also witness an enhanced user experience and will have direct access to their digital wallets that will include data such as their professional qualifications, professional designations, and CPD hours.
Jane Howard, CEO of Ulster Bank, had the following to say about the partnership:
“It made complete sense to collaborate with Bank of Ireland, AIB and the Institute on this project. It will enable banking professionals to maximise their professional development throughout their career, which will undoubtedly lead to a healthier banking industry in Ireland, which supports consumers, communities and businesses to flourish.”