BNP Paribas, E&Y test blockchain for internal treasury

Reported by: |Updated: October 18, 2017

BNP Paribas and Ernst & Young have completed a pilot demonstrating the use of blockchain to improve global internal treasury operations for the bank. The bank’s ALM Treasury department, which manages the bank’s internal operations, at the service of all three operating divisions of the group, carried out the pilot, tested internally this summer, the bank said. The pilot has highlighted how an internal, private blockchain could be used to improve operational efficiency by providing a more integrated cash management approach between businesses, allowing greater flexibility and a 24/7 capability, it said. One highlight from the pilot was that the working hours are extended up to 11 hours. This provides a common view of liquidity positions across locations and can boost the interoperability of the legacy systems combining the private blockchain with the existing IT environment via software robots and APIs, says the bank.