BNP Paribas Asset Management, the autonomous asset management business of BNP Paribas, has successfully completed a test of its own blockchain, according to a company press release.
The company’s blockchain programme is called FundsDLT, or Fund Link. It is a system designed for transaction processing, developed in collaboration with Fundsquare, InTech and KPMG Luxembourg.
The test demonstrated that the new system can connect with other blockchains by completing an end-to-end fund transaction. The whole process was completed on the blockchain, from delivering the money to processing the trade.
The system has been in development since April 2017, when it was first announced.
Crypto Daily Sponsors Singapore’s 2019 Run for Light EventGo to article >>
Fabrice Silberzan, Chief Operating Officer of BNP Paribas Asset Management, commented: “We have a unique opportunity to continue shaping the future of the asset management industry using digital technology, and transform the fund distribution process. While investors will benefit from reduced transaction time, we will also profit from a sleeker, more streamlined system underpinned by technology and relevant for all fund types and geographies.”
Arnaud Claudon, Head of Asset Managers, BNP Paribas Securities Services, said: “This is a key milestone in our Fund Link project as it showcases the interoperability of our platform, something which will be key to us moving forward. This transaction is a continuation of the work we started earlier last year and is fully aligned with our goal of co-creating with external partners and the wider market.”
We reported back in September that the Paris-based bank was experimenting with a blockchain based on Nxt technology. Nxt is an open source cryptocurrency and payment network.
Other major banks that have tested or are in the process of testing blockchain technology include Barclays, HSBC, and Royal Bank of Canada – not to mention the more than 100 financial institutions that use Ripple.
Finance Magnates reported on BNP Paribas several times this year when it was punished with heavy fines over FX market manipulation. The bank’s traders, using different names to disguise client requests, shared information and conspired to move currency benchmarks.