BearingPoint has convinced the award jury with proof of concept (PoC) of a blockchain-based and thus innovative and cost-effective approach to face the growing complexity of regulatory reporting.
With its PoC, BearingPoint has shown that the use of distributed ledger technology (DLT) - also known as blockchain - can reduce the regulatory effort.
The award was received by RegTech DLT manager and head, Moritz Plenk during the Central Banking FinTech & RegTech Global Summit in Singapore recently.
Plenk said: “When two banks submit a transaction report through a DLT-based network, these two transaction partners always have identical and reportable data on their so-called ledgers.
“The third actor in the DLT network, the regulator, can view and extract the data from the two ledgers in real time. Inconsistent transaction data can be avoided, and the efficiency of transaction-based reporting can be increased.”
With the award, Central Banking recognises relevant players among central banks, supervisory authorities and technology as well as consulting companies, for their outstanding achievements and successes.
BearingPoint RegTech is a business unit of management and technology consultancy, BearingPoint. More details at https://www.reg.tech/en/
-- BERNAMA
No comments:
Post a Comment