The Bank of Ireland, AIB and Ulster Bank Enters into Blockchain Partnership With Deloitte

The Bank of Ireland, AIB and Ulster Bank Enters into Blockchain Partnership With Deloitte

By hashlytag | hashlytag | 4 Jun 2019


Three Irish banks have entered into a partnership with Deloitte. The banks are testing a blockchain solution from the auditor that manages personal data of employees. The parties announced this in a joint press release on 30 May.

The Bank of Ireland, AIB and Ulster Bank are working on the project together with the Institute of Banking (IoB) and Deloitte. The blockchain solution was developed by Deloitte's EMEA Blockchain Lab. Head of EMEA and financial services at Deloitte, David Dalton, says about the collaboration:

This is a great application of blockchain technology for a vital area of ​​banking. We are pleased to support The Institute of Banking and the banks involved in this project and look forward to the results that this initiative will bring,

The solution will help the banks with a number of data processes. This is how the press release says:

The new platform is a first in the European financial services sector and will support the verification, monitoring, direct access to and management of regulatory and other professional guidance, training qualifications and lifelong learning references,

The solution is based on the Ethereum blockchain. The banks are currently testing the beta version of the tool and it is expected that the full launch will take place in the summer of 2020.

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