This new catalogue of 17 fund accounting APIs automatically updates clients’ systems with information specific to their business held by BNP Paribas Securities Services. This information includes data sets such as NAV calculations and distribution, and settlement instructions and status. Clients are also able to post information, such as NAV validation, directly in BNP Paribas Securities Services’ systems.)
This move allows BNP Paribas Securities Services’ asset manager clients to receive information in real time, which helps streamline their data management and enhance their internal control mechanisms. Clients will also benefit from higher straight-through processing rates and improved analytics.
Arnaud Claudon, Head of the Asset Manager Client Line at BNP Paribas Securities Services, said:
“This is an important milestone in our digital transformation. System-to-system communication and real-time status updates via APIs enable us to enhance our operational efficiency and client experience at the same time. With this new set of APIs, our clients will receive information in real time rather than wait for files to come through. This will make for better risk controls, better decision-making and will also help improve straight-through processing rates.”
BNP Paribas Securities Services is working with SWIFT to standardise all its existing and future APIs via the global ISO 20022 standard, which will promote even greater interoperability across platforms for the benefit of clients.
Paud O’Keeffe, Head of Client Digital Experience, at BNP Paribas Securities Services, said:
“APIs have the potential to significantly transform current market practices, and how our industry processes data and provides services. However, unless API processes undergo standardisation, the sharing and use of data will continue to be inconsistent and open to misinterpretation. This is why we are working with SWIFT to standardise our API catalogue to ISO 20022.”
Jonathan Ehrenfeld, Deputy Head of Securities Markets at SWIFT, said:
“The most effective way to overcome the obstacles of interoperability is to mutualise the data models as well as the security and the identity management components across APIs. The approach taken by BNP Paribas Securities Services will benefit the industry as it would reduce aggregate investment required to implement API solutions for end users, thus freeing resources for other business priorities.”
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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 35 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.