BNP Paribas transitions to new FIS’ Cleared Derivatives Suite

Rick Steves

FIS’ Cleared Derivatives Suite manages the full post-trade derivatives lifecycle, including reconciliations and post-trade processing requirements.

BNP Paribas is enhancing its post-trade derivatives clearing capabilities as the bank transitions to the new FIS’ Cleared Derivatives Suite, which centralizes all main post-trade workflows onto a single, unified global system.

BNP Paribas will have FIS’ Cleared Derivatives Suite managing the full post-trade derivatives lifecycle, including reconciliations and post-trade processing requirements. The new FIS platform is expected to enhance operational efficiencies and reactivity, and reduce risk.

Nasser Khodri, President of Capital Markets at FIS, commented: “The derivatives clearing industry is facing a perfect storm of challenges, stemming from increasing operational costs and regulatory changes, which is leading to pressure on margins. At the same time recent market volatility and high volumes periods have only accelerated the need for modernization.

“Forward-looking organizations like BNP Paribas are transforming their post-trade derivatives processing operations with modern, flexible technology, and we are delighted that BNP Paribas has chosen to join the community of firms using our next generation Cleared Derivatives Suite to support its continued growth.”

Gaspard Bonin, Deputy Head of Derivatives Execution & Clearing at BNP Paribas, said: “The 2020 volume peak further confirmed our strategy to invest for the long term in robust technological and operational capabilities. FIS has been a trusted and reliable partner for many years, and we are today excited to expand our partnership by taking advantage of the extended technological and functional capabilities of the FIS Cleared Derivatives Suite. This 10 year agreement is, for our clients and market partners, a clear testament of BNP Paribas’ long-term commitment to providing the best of service and to invest in new technology.”

Besides the new Cleared Derivatives Suite, FIS has managed to introduce new products for the finance industry, including innovative data ecosystem ETHOS and subscription-based core banking solution ClearEdge.

Ethos helps financial institutions automate reporting, reduce operational costs, and mitigate risk while streamlining the lending process.

An institution’s data portfolio is often segmented across channels, such as credit, debit, fraud, core and loyalty. The Ethos ecosystem unifies and maintains those data assets in a single platform environment which will be accessed simply via a user-friendly portal for application and analysis.

ClearEdge offers community banks a pre-integrated, comprehensive bundle of technologies for operating a highly efficient, modern bank and providing a superior customer experience. Qualifying banks can choose from pre-defined, pre-priced bundled solutions comprising a range of core processing, payments processing, digital functionality, image and item processing, decision intelligence and regulatory compliance technologies.

 

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