BNP Paribas Securities Services has announced plans to develop a blockchain-based platform for corporate event announcements.
It has teamed up with Tata Consultancy Services (TCS) to develop Corporate Event Connect, which it said will provide “fast, accurate and secure corporate event announcements to clients around the world”.
Currently, corporate actions processing sees information on many corporate actions processed and cascaded to investors via intermediaries, which BNP Paribas said leads to inefficiencies and errors.
The new platform will use TCS’s Quartz blockchain technology to capture and store information in a structure format to ensure accuracy and rapid dissemination to clients.
Philippe Ruault, head of digital transformation at BNP Paribas Securities Services, said: “Managing and disseminating corporate event information in an accurate and timely fashion has long been a pain point for the custody industry and we are delighted to be working with TCS on this project. 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.”