Wednesday, 26 February 2020

BNP Paribas Asset Management completes fund transaction blockchain test

ParibasBNP Paribas Asset Management has chalked up another blockchain success, using the technology to carry out a full end-to-end fund transaction test.
The test, carried out late last year, was made through BNP Paribas Securities Services’ blockchain programme, Fund Link, and FundsDLT, a blockchain-based decentralised platform for fund transaction processing, developed through collaboration between a Luxembourg Stock Exchange subsidiary called Fundsquare, InTech and KPMG Luxembourg.

BNP says that the transaction included each part of the fund trade process, from delivery of the order to the processing of the trade and showed that Fund Link is able to connect with other blockchains, opening the door to a new model of interoperability.

Arnaud Claudon, head, asset managers, BNP Paribas Securities Services, says the test is a "key milestone" for Fund Link.

Said Fihri of KPMG Luxembourg adds: "The pool of asset managers using FundsDLT to perform test transactions is expanding. The participation of leading asset managers like BNP Paribas Asset Management is a clear indication of the platform’s growing maturity, and firms from further afield - in the US, UK and Germany - have also entered into discussions with the FundsDLT team."

BNP has been an active proponent of distributed ledger technology, running multiple pilots in areas as diverse as corporate actions, corporate payments, crowdfunding, SME post-trade operations and share registry.


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