A subsidiary of French banking giant BNP Paribas revealed today that it is utilizing blockchain tech for a fund-distribution platform currently in development.
BNP Paribas Securities Services is working with investment manager AXA on the platform, with the stated goal of developing a more streamlined mechanism, in terms of client onboarding, for funds sales. Fund Link, as the platform is called, is expected to open to prospective customers "in the near future", the bank said.
The unveiling comes more than a year after the subsidiary launched an innovation lab aimed, in part, at testing blockchain applications. BNP itself has pursued uses of the tech, including international payments and bond issuance.
Jean Devambez, head of product and client solutions for BNP Paribas Securities Services’ Asset and Fund Services unit, said in a statement:
"There are so many new and exciting ways technology can enhance the fund distribution process. With this platform we aim to bring many of them together to streamline fund distribution, create efficiencies and ultimately lower client costs."
Though BNP didn’t offer a specific timeline for when it would begin onboarding clients to the platform, the bank indicated that it would become operational this year.
"Further details about the capabilities included in the platform and the underlying technology will be released in due course," it said.