Fund times with BNP Paribas blockchain-powered platform
BNP Paribas Securities Services is partnering with AXA Investment Managers for the creation of a new digital fund distribution platform.
Called BNP Paribas Fund Link, it aims to make the fund distribution process better by improving the flow of information between fund buyers and sellers via blockchain and smart contract technology.
Jean Devambez, head of product and client solutions, asset and fund services, at BNP Paribas Securities Services, says a “key ambition has been to ensure the new platform helps asset managers meet the demands of new regulations, such as MiFID II, which will demand higher levels of transparency around the fund sales process”.
One of the main objectives of the platform is to speed up the onboarding process. Fund buyers will only have to upload their profile and investor onboarding documents once. This information will then be shared with the various management companies on the platform.
End-to-end trade execution will use embedded business rules and shared information. This will allow for “efficient control and transparency of the distribution chain while removing unnecessary delays and reconciliation costs”. Fund Link also has analytics tools to help investors look at fund data to compare and select funds.
BNP Paribas Securities Services will open the project to other clients in the near future. The first functionalities of the platform will be released from this year onwards. The firm says further details will be released in due course.
