BNP Paribas Securities Services has partnered with Indian IT firm Tata Consultancy Services (TCS) on a new pilot that will see the two firms apply blockchain to a new asset servicing data platform.
According to a statement, the companies will launch a blockchain-based platform said to offer faster and more secure corporate event announcements. The ultimate aim of the partnership is to curb inefficiencies and errors that occur via the “cascade” of information that is sent to global clients through various intermediaries.
BNP Paribas will capture and store structured corporate information using TCS’ Quartz blockchain solution, combined with its Swift-certified BaNCS for Corporate Actions platform. The goal is to ensure that the data is “tamper-proof, resistant to node failure and recoverable,” the firms said.
Currently in beta, the platform – called Corporate Event Connect – will collect asset servicing information for corporate actions from over 90 markets, and will use deep learning technology to translate announcements into seven languages.
According to Philippe Ruault, head of digital transformation at BNP Paribas, accurately managing the information on corporate events has long been a “pain-point” for the industry.
“Blockchain is proving to be an extremely useful technology for us, and it is particularly exciting to build a digital ecosystem in cooperation with our clients and partner providers to deliver such a key service,” he said.
The Corporate Event Connect platform is expected to be rolled out in phases, though no timeline was provided for when that process will begin.