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BNP and Tata use Blockchain for the platform of announcements about events

BNP Paribas Securities Services is cooperating with the Indian IT firm Tata Consultancy Services (TCS) on a new pilot that will see the two firms apply the blockchain to a new asset servicing data platform.

16.Oct.17 12:46 PM
By Daria Zaytseva


BNP and Tata use Blockchain for the platform of announcements about events

According to the statement, the companies will launch a platform based on the blockchain, which offered faster and safer corporate announcements of events. The ultimate goal of the partnership is to limit the inefficiencies and errors that occur through the "cascade" of information that is sent to global clients through various intermediaries.

BNP Paribas will collect and store structured corporate information using the TCS Quartz blockchain solution in combination with the Swift platform of BaNCS for corporate actions. The goal is to ensure that the data is "protected from unauthorized access, resistant to failures in the work of the node and recoverable," the firms said.

Currently, in a beta version, a platform called Corporate Event Connect will collect information about asset maintenance for corporate actions from over 90 markets and use deep training technologies to translate announcements into seven languages.

According to Philippe Ruault, the head of digital transformation at BNP Paribas, accurate management of information about corporate events has long been a "pain point" for the industry.

It is expected that the Corporate Event Connect platform will be deployed in stages, although the timing when this process will begin was not provided.

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