NEW YORK, Sept. 14, 2016 /PRNewswire/ -- KPMG today announced the introduction of its Digital Ledger Services, a comprehensive suite of services designed to help financial services companies realize the potential of blockchain capabilities -- providing faster and more secure transactions, streamlining and automating back office operations, and reducing costs by utilizing blockchain-based technologies.
Blockchain is an alternative ledger database that maintains a continuously growing list of transaction records that are considered permanent and unchangeable, and is increasingly becoming the destination platform for financial services companies.
KPMG's Digital Ledger Services includes full lifecycle support – from strategic qualification and business case development to relevant use-case development, systems and operations integration, and on-going management of a company's blockchain infrastructure. The lifecycle support combines management consulting and risk consulting expertise in financial processes and regulation as the backbone. KPMG's in-house development and cloud transformation expertise will also be part of the services offered to clients.
"Blockchain represents not only a dramatic shift in how financial services organizations will manage transactions in the future, but also how they structure their internal operations going forward," said Bill Cline, KPMG's U.S. Financial Services lead for technology and innovation. "This is something that all financial services companies must be considering and accelerating."
"What is most promising about the emergence of blockchain is the impact it could have for helping cut operating and capital costs that have been the bane of financial services companies after years of increasing regulatory overhead," said Eamonn Maguire, KPMG's U.S. and global lead for Digital Ledger Services.
To learn more about KPMG's Digital Ledger Services, visit http://www.kpmg.com/US/KPMGdigitalledgerservices
In addition, KPMG will expand its strategic alliance with Microsoft to work on blockchain initiatives – with Microsoft providing the Blockchain as a Service platform and KPMG providing its comprehensive suite of services – which will help clients efficiently and securely move to the cloud for storage, while adopting disruptive Blockchain technologies.
"Bringing together KPMG's business transformation expertise, and extensive services with Microsoft's industry-leading Blockchain as a Service platform, will enable companies to improve their scale, agility and gain valuable insights across the enterprise to make smarter and faster decisions to meet changing customer demands," said Cline.
"We're excited to be expanding our efforts with KPMG to develop blockchain services," said Marley Gray, director of business development & strategy for blockchain at Microsoft. "The global availability of Microsoft Azure, with its hybrid cloud capabilities, extensive compliance certification portfolio, and enterprise-grade security help to enable blockchain adoption, especially in highly regulated industries like financial services, healthcare and government."
To learn more about KPMG's alliance with Microsoft, visit www.kpmg.com/us/microsoft.
Worldwide, KPMG has dedicated more than 80 partners and executives to focus on blockchain, including its industry leading data and analytics group that will focus on coding and development in support of proof of concept, prototyping and integration of blockchain capabilities.
"We not only believe in the efficiencies that can be achieved utilizing distributed ledger technology, but also in the potential it has to enable differentiated products and services to our clients' end customers based on the cryptographically secure and real time nature of this technology," said David Montes, managing director, Financial Services, KPMG.
Currently, KPMG is working with clients on a range of global blockchain projects, including the qualification of a blockchain solution for a major US Bank for global payments, and the development and prototyping of smart contracts in insurance.
About KPMG LLP
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's member firms have 174,000 professionals, including more than 9,000 partners, in 155 countries.
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates.
SOURCE KPMG LLP