Northern Trust and PwC will use blockchain to accelerate audits

Northern Trust, a major U.S. custody bank, is laying the foundations for large-scale adoption of its blockchain-based platform for private equity funds.

In partnership withBig Fouraccounting firm PwC, the bank introduced new tools Monday to give private equity fund auditors fast access to data stored on its private blockchain. Rather than waiting for periodic reports about actions taken by a fund manager, auditors will get the information almost immediately.

We’ve taken and updated a process that was manual and happens periodically, and we’ve enabled that to be done on a daily basis in an automated manner,” said Northern Trust president of corporate and institutional services, Pete Cherecwich, in an interview.

The immutability and transparency of blockchain have long proven tempting attributes to innovation-minded accountants. The potential user base for the blockchain platform is formidable, as Northern Trust administers $78 billion in private equity assets. Its clients in this line of business have included major players such as Blackstone and the Carlyle Group.


'Yot'i: Richard Abermann


 

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