BNP Paribas analyst Johann Palychata has published an article arguing that Bitcoin and other cryptocurrencies could shake up traditional banking and financial services, Cash & Treasury Management File reported.

Palychata's article, which publicly suggests that "the development of an alternative to the current banking system is under way," is remarkable because it comes from one of the world's largest banks. Palychata outlined several areas where cryptocurrencies could have a big impact on traditional banking, including:

As a means of payment: BNP Paribas expects "slow emergence of an ecosystem to accommodate a broader use of cryptocurrencies in the real economy," Palychata wrote.

As a payment system between large corporates: "Bitcoin has settlement batches roughly every ten minutes and operates continuously day and night. Transactions are irrevocable and cheap," he wrote. "Large corporations might decide to use the Bitcoin network rather than existing settlement systems.”

As a world-wide network for fund distribution: Palychata argues that Bitcoin would "be the largest fund distribution platform a fund management company could dream of. The potential reduction of the platform costs (fewer intermediaries and a shorter route to investors) and the increased speed of the investment process (in the cryptocurrency world, the cash collected at the time of the subscription is simultaneously settled and available for investment) could further enhance the competitive advantage of funds using this technology.”