BNP Paribas partners AXA IM to build blockchain fund distribution platform
BNP Paribas Securities Services teams up with AXA IM to develop a blockchain-based fund distribution platform to improve information flows.
BNP Paribas Securities Services has teamed up with AXA Investment Managers (AXA IM) to develop a blockchain-based fund distribution platform to improve information flow between fund buyers and sellers.
BNP Paribas said that the new platform, known as Fund Link, will accelerate the onboarding process for fund buyers and asset managers as well as strengthen the fund buying and selling process through embedded business rules and shared information.
The French bank also stated that the platform will incorporate analytics tools to enable investors compare fund data.
AXA IM COO Joseph Pinto said: “We believe that the new technologies used by this platform can significantly enhance our fund distribution process and ensure we are well placed to meet the continued regulatory demand for increased transparency.”
BNP Paribas Securities Services head of product and client solutions for asset and fund services Jean Devambez said: “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.
“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.”
Plans are on to unveil the first functionalities of the blockchain platform this year. The project is also expected to be opened to other clients in the future.