Tata Consultancy Services announced that its teamed up with BNP Paribas Securities Services to deliver Corporate Event Connect, an innovative blockchain-based platform, which will provide fast, accurate and secure corporate event announcements to clients around the world.
By leveraging TCS’ Quartz blockchain technology, BNP Paribas will use TCS’ Quartz blockchain technology 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.
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.