BNP Paribas, TCS to Develop Blockchain for Event Announcementsbr>
Called Corporate Event Connect, the new blockchain-based platform aims provide fast, accurate, and secure corporate event announcements to clients around the world.
By leveraging TCS’s Quartz blockchain technology, BNP Paribas will be able to capture and store corporate action information in a structured format to ensure data accuracy and rapid dissemination to clients. The platform’s built-in security will ensure the information is tamper-proof, resistant to node failure, and recoverable. Asset servicing information, such as merger and acquisition announcements and dividend payments, will be collected through TCS BaNCS for Corporate Actions from more than 90 markets, including 27 local official sources in BNP Paribas’s proprietary network, according to the release.
The blockchain platform is currently in beta version and will be subject to a phased roll-out.
BNP Paribas Securities Services head of digital transformation Philippe Ruault said that managing and disseminating corporate event information in an accurate and timely fashion has long been a pain point for the custody 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,” said Ruault.
TCS Financial Solutions vice president and co-head R Vivekanand said they are working with BNP Paribas to remove inefficiency and duplication in the corporate event cycle.
“We are well-positioned to deploy our Quartz blockchain solution, coexisting with TCS BaNCS, to deliver secure, unique information instantaneously to all the participants across the globe, said Vivekanand. “This ‘Coexistence’ approach is unique to Quartz, and we believe it will accelerate adoption of blockchain technology for our customers.”