BNP Paribas and Prudential will settle transactions with derivatives on the blockchain – Bits Media

BNP Paribas Bank for working with securities and Eastspring Investments announced the implementation of a blockchain solution for exchange derivatives, developed Hashstacs.

According to BNP Paribas Securities Services (BNPPSS) and a subsidiary of American insurance and investment Company Prudential Eastspring Investments, Hashstacs has developed the Mercury platform, which allows counterparties and service suppliers to exchange a unified source of data on transactions.

In the case of derivatives, the calculation of brokerage commissions most often leads to interruptions in transactions or the occurrence of inconsistencies. As a result, a lot of time takes a lot of time. The first version of Mercury was launched in June 2020 of the year. Within a month after the launch of EastSpring and BNPPSS announced a reduction in discrepancies on 84%, reducing the coordination time by four hours a day and reducing the number of customers, announcing errors.

“We have created a solution with our long -term partner EastSpring and Singapore Fintech Stacs, Using a flexible approach to joint development and the experience of BNP Paribas Design Factory in Singapore. Mercury decision can also benefit other industry players. ", – The general director of BNPPSS in Southeast Asia Diana Diana Senanayak said (Diana Senanayake).

In the fall, the French bank BNP Paribas made
test transaction with incidents tokens to prove the concept (PoC) With the assistance of cryptocurrency startup Curv. Besides, In September, the BNP Paribas Bank for working with securities concluded
Agreement with Digital Asset Holdings to introduce smart contracts in DAML for working with stock exchanges.