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EY announces first enterprise user to leverage EY Blockchain’s SaaS platform using fourth generation EY Blockchain Analyzer: Reconciler USA – English USA – English

  • The latest generation of EY Blockchain Analyzer: Reconciler supports organizations’ needs to independently source on-chain data.
  • The EY organization is now welcoming enterprise clients to leverage the web-based analytics tool to augment internal risk management.

LONDON, Oct. 17, 2023 /PRNewswire/ — The EY organization today announced the fourth generation of EY Blockchain Analyzer: Reconciler, which supports organizations’ needs to derive wallet addresses and query on-chain data from an independent third party to augment internal risk management. Fidelity Digital AssetsSM, a subsidiary of Fidelity Investments dedicated to building products and services that help institutions adopt digital assets, is the first enterprise to use the web-based analytics tool, which is available through EY Blockchain’s SaaS platform.

Since 2018, EY audit teams have used a version of the web-based EY Blockchain Analyzer: Reconciler tool for audit procedures related to the reconciliation of clients’ off-chain books and records to on-chain data. Now, the tool is available for enterprise use.

Paul Brody, EY Global Blockchain Leader, says:

“As the global digital assets marketplace continues to grow rapidly, addressing operational excellence and robust internal risk management is paramount for cryptocurrency platforms to gain a competitive edge and instill trust among investors and regulators. EY teams are excited that Fidelity Digital AssetsSM has selected EY Blockchain Analyzer: Reconciler to help them improve their internal risk management. The tool will provide an easy-to-use, web-based interface that allows their operations teams to query on-chain data for cryptocurrency data-related workflows.”

Fidelity Digital AssetsSM will utilize a subset of the capabilities offered by EY Blockchain Analyzer: Reconciler. The tool also provides the ability to showcase analytical dashboards to identify matches and mismatches in transactions, wallet address balances and digital signatures.

Michael O’Reilly, Chief Operating Officer of Fidelity Digital AssetsSM, says:

“We are pleased to leverage the EY organization’s industry-leading, web-based Analyzer tool to supplement our internal risk management processes. The digital assets market demands stringent oversight, and by incorporating this technology for extracting data from the public blockchain for internal risk management processes, we continue to reinforce our commitment to providing a secure and transparent trading environment for our customers.”

Over the past six years, the EY Blockchain Analyzer suite of tools has undergone significant developments as part of a multimillion-dollar investment and is available for use by enterprises (upon client acceptance). As part of the EY roadmap, EY engineering teams are continually working to add support for blockchain data across additional chains based on client demand and to support the evolving needs of clients, such as additional blockchains, xpub Address Derivation, block explorers and staking.

Enterprises interested in using EY Blockchain Analyzer: Reconciler for querying on-chain data and augmenting internal risk management can learn more at blockchain.ey.com. Client acceptance for making the tool available is subject to terms and regulatory restrictions.

About EY
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data, and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

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Originally published at https://www.prnewswire.com/news-releases/ey-announces-first-enterprise-user-to-leverage-ey-blockchains-saas-platform-using-fourth-generation-ey-blockchain-analyzer-reconciler-301957897.html
Images courtesy of https://pixabay.com

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