A subsidiary of one of the biggest French bank BNP Paribas brings industry experts to explore blockchain and big data technologies’ potential.

The former head of clearing, settlement and custody products Philippe Ruault was appointed as the head on the new innovation and digital lab laboratory (I&D Lab). Experts remark that this appointment suggests serious intentions on behalf of the bank since usually banks mostly attract IT specialists for such positions, who do not grasp all the peculiarities of the business process.

On the first stage, the lab will consist of at least 20 professionals with expertise in IT, product design and client development. The lab will be located in a Paris-based campus.

The laboratory aims at studying the ways the blockchain and big data technologies can contribute to better information management and visualisation, the distribution of products and assisting customers in managing their cash and liquidity requirements.

It is expected that BNP Paribas Securities Services will not only develop technologies in-house but also will define possible investment perspectives and create connections with such external actors as fintech startups and other research labs.

In April 2016, it was announced that BNP Paribas Securities Services established a strategic partnership with the leading French crowdfunding platform SmartAngels and started a joint elaboration of a blockchain-based system to enable private companies to issue securities. BNP Paribas Securities Services is supposed to develop and manage a registry for shares in private companies. The registry will function on blockchain and fix the information on securities issued by SmartAngels. The launch of the project is scheduled for the second half of 2016, subject to regulatory approvals.

Recently BNP Paribas became one of seven French and European companies to create a post-trading infrastructure enabled by the blockchain technology. The signatories to the Memorandum include French bank Société Générale, state-run Caisse des Dépôts and four other French-based and European financial organisations – Euroclear, Euronext, S2iEM and Paris Europlace.

In its press releases, BNP Paribas pays special attention to the fact that it has been researching the blockchain technology since 2011 and is consisting a part of the R3 and CDC industry consortiums.

BNP Paribas Securities Services, a wholly-owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider.

Anna Lavinskaya