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Financial Services: exchanges, settlements, payments and embedded finance

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Blockchain technology has been a transformational technology in the world of finance, and financial institutions have been investing and experimenting heavily. Learn what has been effective, how to move from a technology-first approach to focusing on business solutions and what future products the technology enables that will change the shape of finance.

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Financial Services: exchanges, settlements, payments and embedded finance

  1. 1. EY Global Blockchain Summit San Francisco, CA April 26, 2017
  2. 2. Page 1 EY Global Blockchain Summit Financial services Exchanges, settlements, payments and embedded finance
  3. 3. Page 2 EY Global Blockchain Summit Unique identification Each participant in the network is assigned a public-facing address (like email) unique to the participant. Data reconciliation Because parties to a transaction share an entry on the blockchain, transaction records are automatically reconciled up front. Asset creation and transfer 1Assets can be created or represented on a blockchain, and securely transferred between parties. Cryptocurrency Securities Commodities Property Interbank ledgers Post-trade netting Peer-to-peer payments Product chain of custody Customers Merchants Entities and counterparties Regulators In financial services, blockchains are used for 2 3
  4. 4. Page 3 EY Global Blockchain Summit ► Clearinghouse completed first leg of post-trade trial focusing on netting process for government treasuries and agency reposession agreement transactions ► Major global stock exchange revamping its shareholder registry with distributed ledger technology ► Major financial institution uses blockchain technology to manage financial transaction reference data ► 15 banks worldwide completed trade finance trial focusing on accounts receivables invoicing and letter-of-credit transactions ► Major European banks plan launch of new network for tracking open account international trade, involving products shipped before actual payment is due ► 47 banks complete pilot of Ripple Connect payment platform and expected to be in production at select banks by end of 2017 ► Major credit card company scheduled to launch business-to- business payment network supported by blockchain by end of 2017 ► Singapore-based bank uses blockchain technology for interbank payments ► EY piloted customer onboarding tool in Australia and beginning tests in US ► Major global stock exchange group of domestic banks recently collaborated on know-your-customer data trial involving blockchain ► 10 global banks tested distributed-ledger-based know-your- customer registry through R3 blockchain consortium Asset creation and transfer Asset creation and transfer Data reconciliation Data reconciliation Asset creation and transfer Unique identification Data reconciliation Data reconciliation Experimentation has been focused in four key areas. Securities and commodities transfers Supply chain and trade finance Know your customer and customer onboarding Payments
  5. 5. Page 4 EY Global Blockchain Summit To move to production, you need to build value-driven applications, not just technology. By themselves, blockchains are not solutions. Tools are needed to bridge the gap between the technology and the business applications. It is the process enabled by the technology that will drive value. Business processes Applications Gap Infrastructure (data) Database layer in which information is stored because another type of database, blockchain, lives in this layer End-user programs that rely on database technology to store information Activities that leverage multiple applications to accomplish a particular goal
  6. 6. Page 5 EY Global Blockchain Summit Platforms Reconciliation ApplicationsBlockchain Customer onboarding Inter-line of business know your customer Interbank transfer and settlement Mortgage securitization Technology Business Tax Audit Regulatory Asset creation and transfer Platforms can assist in turning blockchain solutions into business designs. EY has developed platforms as building blocks for blockchain-based applications and to focus on the technology’s fundamental strengths: asset creation and transfer and data reconciliation. ? ?
  7. 7. Page 6 EY Global Blockchain Summit The platform … … allows … … which enables the following examples Asset creation and transfer Easy asset securitization, exchange and bundling across multiple unrelated entities Data reconciliation A single, secure source for identity management and document control across multiple parties Customer onboarding Managed accounts Master data management Mortgage securitization Such platforms can enable a broad number of business solutions. Liability management
  8. 8. Page 7 EY Global Blockchain Summit Example: customer onboarding Benefits Data is held on the blockchain ► Unique customer identifier Every participant in the network is uniquely identified with a public address (similar to an email address). ► Personally identifiable information (PII) protection Even though the customer can be tracked across legal entities, PII is not leaked outside of legal borders, unless permission is granted by the customer. ► Linked identity attributes Real-world identity information can be hashed on the blockchain and associated with your on-chain identity. ► Cross-legal entity operation Institutions can maintain a shared network and master registry of know-your-customer information about mutual customers. Unique identification via reconciliation Blockchain Database layer where information is stored
  9. 9. Page 8 EY Global Blockchain Summit Example: mortgage securitization Benefits ► Data quality Mortgage data associated with securities is significantly improved and any changes to the underlying data ripple across network in real time. ► Reconciliation elimination Reconciliation is no longer required because all entities have the same data. ► Risk rating Better mortgage data and more transparency result in more accurate risk ratings. ► Transparency Transparency provides individual mortgage visibility into pools and securities. Asset creation and transfer Blockchain Database layer where information is stored Data is held on the blockchain. I. Individual mortgages II. Mortgage pooling A B D C E F III. Securitization A B C E DF Security W Security X Security Y Security Z Investors
  10. 10. Page 9 EY Global Blockchain Summit Immediate opportunities may be in private blockchains, but don’t ignore public ► Bitcoin is the largest, and most secure, computer system ever developed. ► The network provides absolute proof of existence or occurrence of history in the digital world: bitcoin (the currency) is the internal unit of account. ► Bitcoin’s massive peer-to-peer network likely will provide more benefit to applications outside of just bitcoin transactions. ► Criticisms about bitcoin align almost perfectly with the criticisms of the internet in the mid-1990s — scalability and security issues, ease of use, etc.
  11. 11. Page 10 EY Global Blockchain Summit The story of the blind men and the elephant. Source: https://linkiya.wordpress.com/2015/07/13/the-six-blind-men-and-the-elephant-differing-perspectives-on-grades/
  12. 12. Page 11 EY Global Blockchain Summit Innovative technologies require innovative thinking to manage disruption and old business models may not work. As the industry matures and foundations are established: ► Self-sovereign identity ► Consumer protection services ► Legally recognized coding frameworks ► Consumer adoption It will be a catalyst for a new wave of innovative financial products, such as: ► Peer-to-peer (P2P) retail payments ► Machine-to-machine payments ► Exclusively digital assets ► Digital rights management derivatives
  13. 13. Page 12 EY Global Blockchain Summit The most significant opportunities will be in new financial products and embedded finance, likely enabled by public blockchains. Example: financial applications in automotive may include: If you can digitize it, you can securitize it! Auto financing ► Loan payment ► Dynamic lease pay ► Service records ► Vehicle history ► Loyalty program ► Fractional ownership ► Crowdfunding ► Dynamic coupons ► Dynamic insurance Vehicle access ► Car-sharing access ► Vehicle diagnostics ► Vehicle registry ► Vehicle personalization ► Digital persona Geo commerce ► Car- and ride-share pay ► Road toll pay ► Electric vehicle smartgrid pay ► Fuel pay ► Drive-through pay ► Parking pay ► P2P sharing pay ► Event insurance Supply chain ► Transfer of assets ► Assigning provenance ► Serial number management ► Sharing logistics information ► Verified metadata ► Event release of funds ► Inventory financing ► Verified transactions
  14. 14. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. 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. For more information about our organization, please visit ey.com. © 2017 EYGM Limited. All Rights Reserved. EYG no. 04033-173GBL 1705-2288253 ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com

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