Logo Courtesy of EY

EY launches public finance management blockchain solution to improve efficiency and transparency in governments

Originally Published by EY

EY announced the launch of EY OpsChain Public Finance Manager (PFM), a blockchain-enabled solution designed to help governments improve their processes for financial management of public funds.

EY OpsChain PFM helps governments drive transparency, provide accountable outcomes for citizens and track budgets, expenditures and results. It uses blockchain technology to match government spending programs with tangible outcomes, even as funding may pass through multiple layers of government and public service agencies.

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 system is built on the EY OpsChain platform.

EY OpsChain PFM has been piloted worldwide, including for the city of Toronto. The city has tested application to the way reconciliations and interdivisional fund transfers are managed, as part of its ongoing financial management transformation efforts. 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.

Mark MacDonald, EY Global Public Finance Management Leader, says:

“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. It has been very exciting to work with city leaders who continue to push boundaries and embrace new technologies.”

Heather Taylor, City of Toronto Chief Financial Officer, says:

“With a commitment to championing the economic, social and environmental vitality of the city of Toronto, our officials strive to implement technologies that best help us meet our residents’ evolving needs. Testing new technologies is part of our ongoing approach to financial management transformation taking place at the city.”

As governments around the world are modernizing their cities and digitally transforming their processes, blockchain technology can positively impact processes from tax collection to open data to public spending.  For example, as part of the city of Vienna’s Open Government Data initiative – which includes data such as public transport routes, train schedules and surrounding communities’ voting results – EY Austria professionals previously assisted the city to use blockchain to help facilitate transparency, efficiency and security of the data.

The EY OpChain PFM release builds upon work in the public sector by EY member firms around blockchain technology.

For more information on EY and blockchain, visit ey.com/en_gl/blockchain.

Latest News

An Important Message for the Employees and Physicians of Kaiser Permanente From Greg A. Adams, Chairman and CEO

Originally published on about.kaiserpermanente.org. The tragic event in Minneapolis and the civil unrest occurring around the country are weighing heavy on our hearts and minds. As a health care organization, as well as individuals, we understand that the profound fear, anger, and grief people are feeling reflect longstanding social injustice…

KPMG: Driving Inclusive Virtual Collaboration

Originally published on info.KPMG.us by Michele Meyer-Shipp As social distancing and virtual work have become our new normal, here are five suggestions to help ensure everyone on your team feels included and valued: Communicate often and in different ways. One of the challenges of working remotely is feeling isolated, especially if you’re…

Marriott International Celebrates 93 Years

Originally published on LinkedIn by Bill Marriott, Executive Chairman of the Board at Marriott International. I woke up like a child on Christmas this morning because today marks the 93rd anniversary of Marriott International. When I think back to how my newlywed parents, J.W. and Alice Marriott, started a small root…