Corporate actions processing is one of the most complex areas of asset servicing. Information on the multitude of corporate actions taking place every year is processed and cascaded down to investors via various intermediaries, leading to inefficiencies and errors.
By leveraging TCS’ Quartz blockchain technology, BNP Paribas will be able to capture and store corporate action information in a structured format to ensure data accuracy and rapid dissemination to clients. The platform’s built-in security will ensure the information is tamper-proof, resistant to node failure and recoverable.
Asset servicing information, such as merger and acquisition announcements and dividend payments, will be collected through TCS BaNCS for Corporate Actions from more than 90 markets, including 27 local official sources in BNP Paribas’ proprietary network.
Philippe Ruault, Head of Digital Transformation at BNP Paribas Securities Services, said:
“Managing and disseminating corporate event information in an accurate and timely fashion has long been a pain point for the custody industry and we are delighted to be working with TCS on this project. Blockchain is proving to be an extremely useful technology for us, and it is particularly exciting to build a digital ecosystem in cooperation with our clients and partner providers to deliver such a key service.”
R Vivekanand, Vice President and Co-Head at TCS Financial Solutions, said:
“Working with BNP Paribas to remove inefficiency and duplication in the corporate event cycle is an exciting opportunity for TCS. We are well positioned to deploy our Quartz blockchain solution, coexisting with TCS BaNCS, to deliver secure, unique information instantaneously to all the participants across the globe. This ‘Coexistence’ approach is unique to Quartz, and we believe it will accelerate adoption of blockchain technology for our customers.”
The platform will use deep learning technology to translate information in seven languages, including five main European and two Asian languages.
Corporate Event Connect is currently in beta version and will be rolled out in different phases. The platform marks another milestone in BNP Paribas Securities Services’ Augmented Custody programme launched in June last year to continuously develop and enhance its custody services.
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About BNP Paribas Securities Services (www.securities.bnpparibas.com)
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With local expertise in 36 countries and a global reach covering 90+ markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
About Tata Consultancy Services Ltd. (TCS) (www.tcs.com)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 385,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $ 17.6 billion for year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India.