BNP Paribas automates processing of key asset servicing document
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BNP Paribas automates processing of key asset servicing document 07 July 2020London Reporter: Rebecca Delaney
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BNP Paribas Securities Services has automated the processing of key asset servicing documentation as part of the bank’s digital transformation programme.
The bank’s digital transformation programme took 12 months to implement alongside CIB Analytic Consulting, with the aim of improving back-office operational efficiency, increasing straight-through processing rates, and reducing service turnaround times.
The automation processing utilises natural language understanding (NLU) and machine learning (ML), such as intelligent document processing (IDP) in order to automatically capture, extract, and classify data from documents, such as fund prospectuses, corporate events announcements, order confirmations, and tax documentation.
BNP Paribas Securities Services revealed it has automated the processing of 500,000 documents a year.
Philippe Ruault, head of digital transformation at BNP Paribas Securities Services, commented: “This is a major milestone in our digital transformation programme, enabling us to automate time-consuming tasks thanks to the use of the latest technologies. Our clients will benefit from greater operational efficiency, faster turn-around times and increased straight-through processing rates.”
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