BNP Paribas Securities Services has taken a minority stake in fintech start-up Fortia Financial Solutions, a software company which uses artificial intelligence, machine learning and business process monitoring to help the fund industry meet rising compliance requirements and manage mounting volumes of data.
Founded in 2012, Fortia has developed Innova, a new generation investment compliance platform. Innova helps asset managers and asset owners ensure they have the right controls in place to systematically and efficiently monitor the compliance of their funds with local and international regulatory requirements.
Today’s announcement marks a new step in the development of the partnership between BNP Paribas Securities Services and Fortia, which were introduced to each other by L’Atelier BNP Paribas during its Fintech & Corporate Accelerator programme last year. The programme, which focuses on business development, has been designed to create value for the start-ups taking part, BNP Paribas’ businesses and its clients. It enabled Fortia and BNP Paribas Securities Services to develop a strong relationship and start a dialogue in a climate of trust and cooperation.
BNP Paribas Securities Services’ stake in Fortia is expected to help finance the growth of the company, which will also benefit from BNP Paribas’ expertise and knowledge of its target market. BNP Paribas Securities Services 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: “Fortia’s Innova solution tackles two very real challenges for financial services companies and institutional investors - growing regulatory requirements and mounting volumes of data - by applying new technologies in an intelligent and innovative way."
“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.”
Reda Bouakel, founder of Fortia, said: “We are very pleased with this strategic partnership, which will provide Fortia not only with the necessary financial resources for its development but also with a strong business expertise essential to the evolution of our offerings."
“This strategic partnership marks a decisive step in Fortia’s development and ambition to become one of the leading providers of technological solutions dedicated to investment compliance monitoring, anti-money laundering, KYC and reporting.”
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider. Backed by the strength of the BNP Paribas Group, we provide multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers. With offices in 34 countries and a global reach covering over 95 markets, our network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide.
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With offices in Paris, San Francisco & Shanghai, its prospective vision and extensive experience in understanding the digital economy, L'Atelier BNP Paribas is strategically placed to help the BNP Paribas Group and its clients enable their digital transformation. Part of the BNP Paribas Group for more than 35 years, L’Atelier BNP Paribas is unique by its open architecture approach that extends beyond the banking sector, and its presence in three major geographical areas that are key beds for innovation : Europe, North America and Asia. Drawing on its prospective vision and experience, L'Atelier BNP Paribas actively promotes public debate (website, newsletter, radio, TV) and help the BNP Paribas Group and its clients navigate through their digital transformation. As part of its open innovation approach, L'Atelier BNP Paribas recently created the Lab which brings together disruptive innovators, corporates, resources and support networks to accelerate the speed of innovation.
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 74 countries, with more than 190,000 employees, including more than 146,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.