BNP Paribas’ Securities Division and Eastspring Investments have announced the implementation of a blockchain-based exchange-traded derivatives solution developed by Hashstacs.
Hashstacs has developed the Mercury platform, which allows counterparties and service providers to share a single source of transaction data, according to a statement from BNP Paribas Securities Services (BNPPSS) and a subsidiary of US insurance and investment company Prudential Eastspring Investments.
In the case of derivatives, the calculation of brokerage fees most often leads to interruptions in transactions or inconsistencies. As a result, it takes a long time to reconcile and resolve differences. The first version of the Mercury was launched in June 2020. Within a month of launch, Eastspring and BNPPSS reported an 84% reduction in variance, a four-hour reduction in reconciliation time per day, and a decrease in the number of customers reporting bugs.
“We built the solution with our long-term partner Eastspring and Singapore Fintech STACS, leveraging the flexible co-development approach and expertise of BNP Paribas Design Factory in Singapore. Mercury’s solution could benefit other players in the industry, ”said Diana Senanayake, CEO of BNPPSS Southeast Asia.
In the fall, French bank BNP Paribas completed a proof-of-concept (PoC) share token test transaction with the assistance of cryptocurrency startup Curv. In addition, in September, the securities division of BNP Paribas Bank entered into an agreement with Digital Asset Holdings to implement smart contracts in the DAML language for working with stock exchanges.
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