BNP Paribas is currently working with a number of clients to co-develop new products and services, after embarking on a collaborative process during the first-ever BNP Paribas ‘Blockchain Bizhackathon’ earlier this year, focusing on Transaction Banking activities. Based on the promising Blockchain technology, the aim of these various projects is to optimise the Trade Finance and Cash Management activities of BNP Paribas Group clients.
Collat’Shaker applies Blockchain technology to enable more efficient collateral management in international trade operations involving commodities, by providing a common status on the transaction to all participants in the deal. Each participant can then update this status in real time, thus enabling fast, simple and accurate follow-up.
According to William Vinck, Managing Director at Pacorini Global Services GmbH: “Collat’Shaker is a promising initiative that will allow all parties involved to streamline the information flow on collateral management. The real time fully integrated system will permit to reduce the workload and will be less time consuming. It is an absolute advantage for all stakeholders. As a warehouse keeper it will be the next step in improved efficiency towards our clients.”
Sucafina CEO Nicolas Tamari explained: “Collat’Shaker is offering an innovative service for sharing and management of positions with our partners, in real time, bringing all the parties involved in a given transaction closer together. This tool, which is highly intuitive and easy to use, provides an effective and efficient response to the issues that our industry has to cope with.”
Jacques Levet, Head of Transaction Banking, EMEA at BNP Paribas stated: “We’re delighted with the success of this first-ever Bizhackathon, which resulted in these innovative projects, all sharing one basic feature – that they are being co-developed hand-in-hand with our clients. Based on the highly-promising Blockchain technology, these projects stem from close collaboration between BNP Paribas transversal teams, our clients and Blockchain experts. Their aim is to enhance the user experience of corporate Treasurers by providing them with optimal financial services which, inter alia, improve the reliability, traceability and security of their transactions.”
