BNP Paribas is collaborating with Tata Consultancy Services in an attempt to transform the corporate events lifecycle through the use of blockchain technology. Corporate actions processing is one of the most complex areas of asset servicing as 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. BNP Paribas Securities Services will be using TCS Quartz, a blockchain-based service embedded in the TCS’ core banking platform TCS BaNCS, to capture and store corporate action information on a permissioned ledger. 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.
