Digital PFM - Digital PFM

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Website is dedicated to empowering PFM professionals with the necessary resources needed for effective Digital PFM. Website lists resources, technical notes, best practices, blogs, and news to enhance transparency, efficiency, and accountability in public finance using digital technologies. Whether you're a policymaker, practitioner, or researcher, website supports your journey toward smarter PFM.

About Digital PFM

PFM is being transformed by digital technologies, including AI, Machine Learning, and blockchain. AI, particularly in cognitive automation, plays a vital role in automating complex PFM tasks that require human-like decision-making, such as budget forecasting, anomaly detection, and compliance checks. AI/ML enhances decision-making and predictive analytics, while blockchain ensures transparency and security in transactions. Data analytics provides real-time insights, optimizing resource allocation.

Data governance remains crucial for AI, ensuring accuracy, consistency, and security across systems, which builds trust and compliance. Key components of digital PFM include digital budgeting, e-procurement, automated financial reporting, and Integrated Financial Management Information Systems (IFMIS). Additionally, Public Investment Management Information Systems (PIMIS), payroll, and other PFM IT systems enhance efficiency and accountability, creating a transparent and effective PFM ecosystem for governments.

14 projects picked for CBDC pilots in Australia

The Reserve Bank of Australia (RBA) has selected 14 projects for CBDC trials, exploring diverse use cases such as payments in livestock auctions and construction work. These projects, chosen from over 140 submissions, mark a significant step in the RBA’s research into a potential digital Australian dollar. The trials, conducted in collaboration with the Digital Finance Cooperative Research Centre (DFCRC), aim to provide practical insights into CBDC applications. The selected projects include offline payments, corporate bond settlement, and foreign exchange settlement, reflecting a broad interest in CBDC’s potential benefits. The outcomes of these pilots will inform future CBDC developments in Australia and potentially influence global CBDC discussions.

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