Blockchain for Public Finance
With EY OpsChain Public Finance Manager, governments can spend money more effectively and efficiently. The solution helps public finance managers overcome long-standing barriers, such as lack of timely and accurate reporting of value for money.
Your business challenge
Those responsible for managing public finances have faced long-standing barriers that constrain decision-making and hamper financial management. These include:
- Lack of timely and accurate reporting of outputs and outcomes for effective allocation
- Prioritization challenges due to lack of robust reporting and costly administrative structures
- Significant overhead costs of reconciling and exchanging transactional and reporting information
- Disconnect between public reporting of program performance and management of program performance
- Incomplete view of financial and nonfinancial information, and of funds allocated against program outcomes
- Inability to jointly view and reconcile appropriation and management frameworks in near to real time
Solution benefits
EY OpsChain Public Finance Manager helps to remove these barriers by;
- Integrating financial and nonfinancial reporting in government
- Reconciling and consolidating information within and across government and external agencies
- Producing near-real-time performance reporting and advanced analytics
This enables a government to see exactly where money is being spent and what is being achieved.
The solution can be used by central budget authorities, government ministries or departments, delivery agents and international development donor agencies.
Solution features & functionality
EY OpsChain Public Finance Manager gathers and processes data from multiple systems and provides a range of visually enhanced reports to track performance. The solution:
- Makes it easier to onboard new organizations, programs and users, with appropriate security and privacy
- Synchronizes with existing enterprise resource planning and financial management systems to record financial and nonfinancial transactions as they happen
- Swiftly drills down to granular details of purchase orders, invoices paid, receipts and other documents, with visualization, aiding decision-making and easing the audit process
- Uses advanced analytics to assess efficiency of spend, allocation of funds, and performance of programs and entities – including budget to actual comparisons, performance metrics, reliable financial forecasts and total cost of ownership of assets
- Features a mobile app for suppliers, contractors and grant recipients that lets them easily interact with the solution, submit invoices, check payments and check that services have been delivered
The solution marries the vast public finance management experience of EY teams across the world with our vision, expertise and investment in public blockchains and blockchain regulatory convergence.
Alliance relationships
EY teams leverage Microsoft Azure and associated cloud technologies and services to build and deploy the solution.
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