BNP Paribas, SimCorp to Offer Connected Banking, Insurance Accounting Solution

The Securities Services business of BNP Paribas, a global multi-asset servicing specialist with EUR 10.8 trillion in assets under custody and EUR 2.3 trillion in assets under administration, has expanded its strategic partnership with SimCorp, a provider of SaaS investment management solutions, in order “to offer insurance accounting and reporting solutions integrated with its custodian and banking services.”

This collaboration “leverages SimCorp’s new SaaS solutions for investment operations and accounting services, and is built on the companies’ longstanding partnership, which includes the use of SimCorp Dimension across Securities Services’ front-to-back investment value chain.”

Common clients will “benefit from the combined expertise of a leading global custodian and a fast-growing tech-enabled services provider.” SimCorp reportedly “has over 50 years of expertise within investment accounting across multiple jurisdictions and multi-asset classes, providing a strong global industry presence underpinned by local expertise.”

Both companies “have reinforced their connectivity and service integration to broaden the range of services delivered to asset owner clients.”

SimCorp’s Asset Service Hub will “provide robust data interoperability between BNP Paribas’ suite of banking activities and SimCorp’s accounting platform and Investment Accounting Services.” Institutional clients will thereby “experience a faster and smoother onboarding process with standard protocols proven with live clients.”

Jochen Müller, Executive Vice President and Managing Director, Operations and Accounting Services at SimCorp, said:

“We are delighted to strengthen our proven partnership with the BNP Paribas group by implementing SimCorp’s operations and investment accounting services. SimCorp’s technology within investment accounting services is trusted by a number of major global asset owners, and we are proud to now build on our partnership with BNP Paribas by expanding our agreement to this area. This is a true testament to the success of our companies’ collaboration over 10 years, which we look forward to continuing in the coming years.”

Arnaud Claudon, Head of the Client Line Asset Manager and Asset Owners, Securities Services, at BNP Paribas further comments:

“This expanded collaboration with SimCorp delivers a compelling combined value proposition to asset owners. We are thrilled to offer such progressive service integration between two industry leading providers for the benefit of our common clients, strengthening our position as a leading global custodian.”

Rethinking and optimizing service models follows a growing industry trend within institutional investing, in which firms “are increasingly concentrating non-core operations with specialised providers in order to focus more on value-adding activities.”

SimCorp and BNP Paribas currently “have three common clients live with the service, and the two partners will leverage the best practices acquired to streamline the framework for further onboarding of future clients.”

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