News

BNP Paribas SS takes stake in fintech compliance firm

FinTechBNP Paribas Securities Services has bought a minority stake in a fintech start-up called Fortia Financial Solutions that aims to help fund management businesses with compliance and data.

Fortia uses artificial intelligence, machine learning and business process monitoring on its Innova investment compliance platform, which is designed to tackle fund compliance at the international level.

BNP Paribas SS, an asset servicer and custodian bank, said it was introduced to the firm last year and has taken a minority stake in it. A value for the stake was not given.

The two partners were introduced via L’Atelier BNP Paribas, an internal department which aids the French banking group’s digital transformation, during its ‘Fintech & Corporate Accelerator’ programme which aims to create value for the participating start-ups and for BNP Paribas businesses.

BNP Paribas will benefit from “expertise and knowledge of its target market”. The asset servicing firm also intends to implement Innova within its depositary banking business, “helping clients enhance controls and operational efficiency and get access to advanced data and analytics and scenario simulation applications”.

Jean Devambez, global head of product and clients solutions, asset and fund services, at BNP Paribas Securities Services, said: “By taking a stake in Fortia, we are not only helping a start-up flourish but also ensuring our clients have access to the latest technologies to grow and develop their business, meet compliance requirements and enhance operational efficiency.”

©2017 funds europe