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BNP Paribas to launch blockchain-based fund distribution platform

BNP Paribas to launch blockchain-based fund distribution platform

BNP Paribas Securities Services is developing a next-generation digital fund distribution platform, and is partnering with AXA IM in the co-design phase of the project.

The first functionalities of the platform will be released from this year onwards.

BNP Paribas Fund Link aims to make the fund distribution process easier and more efficient, by facilitating the flow of information between fund buyers and sellers through blockchain and smart contract technology.

One of the main objectives of the platform is to speed up the onboarding process for both fund buyers and asset managers.

It is geared towards addressing new regulations, such as MiFiD II, which demand higher levels of transparency around the fund sales process.

Fund buyers using Fund Link will only have to upload their profile and investor onboarding documents once.

This information will then be shared easily with the various management companies on the platform.

Fund Link also aims to improve the process of buying and selling funds thanks to an efficient end-to-end trade execution solution relying on embedded business rules and shared information. This will allow for efficient control and transparency of the distribution chain while removing unnecessary delays and reconciliation costs.

Its powerful analytics tools will help investors explore fund data to compare and select funds, and fund managers to fine-tune their distribution.

Jean Devambez, head of product and client solutions, asset and fund services, at BNP Paribas Securities Services, 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.'

BNP Paribas Securities Services will open the project to other clients in the near future.

It's sister organisation, BNP Paribas Investment Partners, currently owns a 49.96% stake in another fund distribution platform called Fund Channel.

AXA IM is one of the largest fund managers in Europe with EUR 717 billion in AUM. 

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