BNP Paribas Paris has selected technology from SmartStream to automate the reconciliation of the bank's retail custody business.
The implementation forms a strategic part of BNP Paribas' Euro Securities Partner (ESP) initiative, which the bank is embarking on in conjunction with Credit Agricole. This ESP initiative involves the provision of a common infrastructure for custody services in Europe.
Credit Agricole Paris automated its reconciliation operations with Corona over two years ago. SmartStream's solutions are used by a number of business units within the organisation including asset management and retail and investment banking divisions.
The selection of Corona by BNP Paribas will allow the two institutions to standardise on a single reconciliations platform for their ESP initiative.