BNP Paribas Securities Services has teamed up with Tata Consultancy Services (TCS) to provide corporate event announcements to clients using a blockchain platform called Corporate Event Connect.

Corporate actions processing is one of the most complex areas of asset servicing; 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 is using 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, according to a statement.

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.

Philippe Ruault, Head of Digital Transformation at BNP Paribas Securities Services, said: "Managing and disseminating corporate event information in an accurate and timely fashion has long been a pain point for the custody industry and we are delighted to be working with TCS on this project. Blockchain is proving to be an extremely useful technology for us, and it is particularly exciting to build a digital ecosystem in cooperation with our clients and partner providers to deliver such a key service."

R Vivekanand, Vice President and Co-Head at TCS Financial Solutions, said:"Working with BNP Paribas to remove inefficiency and duplication in the corporate event cycle is an exciting opportunity for TCS. We are well positioned to deploy our Quartz blockchain solution, coexisting with TCS BaNCS, to deliver secure, unique information instantaneously to all the participants across the globe. This 'Coexistence' approach is unique to Quartz, and we believe it will accelerate adoption of blockchain technology for our customers."

The platform will use deep learning technology to translate information in seven languages, consisting of five European and two Asian.

Corporate Event Connect is currently in beta version and will be rolled out in different phases. The platform is part of BNP Paribas Securities Services' Augmented Custody programme launched in June last year to continuously develop and enhance its custody services.