Core Insights - The bank confirmation blockchain service platform has successfully processed over 1.075 million confirmations, with an average processing time of just 1 day and 15 hours [1][4] - The platform has officially onboarded 864 institutions, including 124 banking financial institutions and 740 accounting firms, achieving a large-scale application scenario [1][4] - Digitalization has significantly improved the efficiency of bank confirmation processes, reducing the time from 1-2 weeks to as little as a few minutes, with efficiency gains exceeding 80% [1][3] Expansion of Scale - The bank confirmation process is crucial for auditors to identify errors and fraud in financial statements, with the digital platform addressing previous manual processing inefficiencies [3] - The platform's blockchain technology ensures traceability and reduces the risk of document forgery, enhancing the integrity of the confirmation process [3][4] - The integration of digital confirmation services is becoming a consensus among financial institutions, with ongoing efforts to break down data silos and expand the application range [5][6] Addressing Challenges - Despite progress, challenges remain in system compatibility and data integration, particularly for small and medium-sized enterprises [6][7] - The government has issued guidelines to improve the digitalization of bank confirmations, focusing on standardization and data governance [6][8] - Financial institutions are actively working to streamline data management and enhance the quality of confirmation data through collaborative mechanisms [7] Promoting Application - The ecosystem for digital confirmations is expanding, with various financial institutions, including securities and asset evaluation companies, seeking to join the platform [8] - Financial institutions are exploring innovative services and fee reduction policies to encourage the use of digital confirmation services [8][9] - The future of digital bank confirmations is expected to enhance audit quality and regulatory effectiveness, with ongoing efforts to overcome existing bottlenecks [9]

Core Viewpoint - The Ministry of Finance and the Financial Regulatory Administration issued a notice to accelerate the digital development of bank confirmation processes, aiming to enhance the quality and efficiency of bank confirmation work and improve audit quality [1] Group 1: Digital Development Requirements - The notice emphasizes the need to strengthen the foundation for development by continuously enhancing the construction of bank confirmation platforms, improving platform security, and refining the digital standard system [1] - It calls for improving work efficiency by enhancing the data governance system and scientifically formulating fee standards for receiving and returning confirmations [1] Group 2: Innovation and Application - The notice encourages innovation in methods and means, promoting digital value-added services for audits, facilitating enterprises' authorization of digital bank confirmations, and encouraging the expansion of application scope [1] Group 3: Organizational Leadership - Financial regulatory departments are tasked with strengthening business guidance for banking financial institutions, while relevant industry associations are to promote the digitalization of bank confirmation work among accounting firms and banks [1] - The notice also aims to guide accounting firms to accelerate their integration into the bank confirmation platform, thereby increasing the proportion of digital bank confirmations issued [1]