BNP Paribas Securities Services, the multi-asset servicing specialist committed to helping clients pursue ambitions both in terms of investments and cross-border distribution, has announced a set of Application Programming Interfaces (APIs) in its fund administration business.
This new catalog of 17 fund accounting APIs is designed to transform the way the bank communicates with its asset manager clients as it automatically updates clients’ systems with information specific to their business held by BNP Paribas Securities Services, such as NAV
calculations and distribution, and settlement instructions and status. Clients can also post information directly in BNP Paribas’ systems.
Asset manager clients are now able to receive information in real-time and benefit from higher straight-through processing rates and improved analytics. The bank is working with SWIFT to standardize all its existing and future APIs via the global ISO 20022 standard, which will promote even greater interoperability across platforms for the benefit of clients.
Arnaud Claudon, Head of the Asset Manager Client Line at BNP Paribas Securities Services, commented: “This is an important milestone in our digital transformation. System-to-system communication and real-time status updates via APIs enable us to enhance our operational efficiency and client experience at the same time. With this new set of APIs, our clients will receive
information in real-time rather than wait for files to come through. This will make for better risk controls, better decision-making, and will also help improve straight-through processing rates.”
Paud O’Keeffe, Head of Client Digital Experience, at BNP Paribas Securities Services, said: “APIs have the potential to significantly transform current market practices, and how our industry processes data and provides services. However, unless API processes undergo standardization, the sharing and use of data will continue to be inconsistent and open to misinterpretation. This is why we are working with SWIFT to standardize our API catalog to ISO 20022.”
Jonathan Ehrenfeld, Deputy Head of Securities Markets at SWIFT, said: “The most effective way to overcome the obstacles of interoperability is to mutualize the data models as well as the security and the identity management components across APIs. The approach taken by BNP Paribas Securities Services will benefit the industry as it would reduce the aggregate investment required to implement API solutions for end-users, thus freeing resources for other business priorities.”