BNY Mellon will leverage the partnerships with three FinTech firms and one of the world’s largest hedge funds for new AI, machine learning and risk solutions.
The launch of the AI platform aims to relieve the dependency on legacy systems in the fund administration and asset servicing space.
BNP Paribas Securities Services will deploy 17 fund accounting APIs in a major move to further digitise its business.
TEEPI’s developments have been made in collaboration with a group of pilot clients, and the platform will continue to develop throughout 2019.
The move towards smart contracts and DLT presents a new opportunity for custodian banks to grant client access to their own data.
Outsourcing partnerships were ranked as a relatively low priority as it is already a core part of many buy-side strategies.