Another Bitcoin ATM
From January 2017, clients of EY Switzerland will be able to pay bills in Bitcoins. The consulting firm recently put a Bitcoin ATM (bank machine) into operation in its office building next to the Hardbrücke train station in Zurich. Employees will receive a digital wallet that is supposed to be secure.
This much should be said in advance: The Bitcoin ATM from EY is by no means the first in Switzerland, as it was already set up two years ago. But it is certainly good for gaining experience with the new currency. The consulting firm's Bitcoin ATM can be used by anyone to change Swiss francs into Bitcoins and vice versa. Employees would receive a secure digital wallet (EY wallet app) to pay for services and products with bitcoins. The "digital wallet" is very well protected against access in the EY system environment and can be easily downloaded by employees onto the company smartphone, the company writes.
Pioneer work
The new Bitcoin ATM is part of an internal digitization program at EY Switzerland. The aim is to familiarize employees with the topics of blockchain and cryptocurrencies. "We don't just want to talk about digitization, we also want to actively drive it forward together with employees and clients. It is important for us to take everyone along on the journey and prepare them for the revolution in the business world that is emerging through blockchain, smart contracts and digital currencies. Blockchain is a very rapidly evolving technology that can permanently change many industries. For Switzerland as a major financial and industrial center and for its development as a digital hub, it is necessary to pioneer it," says Marcel Stalder, CEO of EY Switzerland.
New processes and risk guidelines
Various industries are in the midst of digital transformation. New digital products would require new processes and new risk guidelines within the company and would also have to be mapped differently in terms of tax and regulation, writes the consulting firm.
"In our innovation lab, we work with our customers to drive forward the development of digital solutions based on Smart Contracts based products. In combination with digital currency, these can fully exploit their advantages, such as low transaction costs or automated processing," said Daniel Haudenschild, EY Partner Advisory Financial Services.
