Danish system provider SimCorp will continue to provide its investment accounting solution for BNP Paribas Securities Services in Europe and the Americas, to “provide the technology for an extended range” of services.
According to SimCorp’s press release, the six-year extension is “in line with BNP Paribas Securities Services’ roadmap, including investment accounting services, advanced interoperability options and transition to new regulations (LIBOR and CSDR)”.
BNP Paribas is the world’s fifth-largest global custodian, citing over 12 trillion euro in assets under custody. Its trust on SimCorp, as supplier of the SimCorp Dimension solution to consolidate its value chain front-to-back, goes back to 2013.
“In parallel, BNP Paribas Securities Services and SimCorp are pursuing their joint initiative to develop front to back seamless integration between SimCorp Dimension and BNP Paribas Securities Services’ custody services, aiming to enhance operational efficiency through increased transparency and timely information delivery for the benefit of their common clients,” the press release adds.