BNP Paribas Securities Services has automated the processing of key asset servicing documentation, part of the group’s digital transformation programme. The initiative, which took 12 months to implement, aims to enhance back office operational efficiency, increase straight-through processing rates and reduce services turn-around times for clients.
Using Natural Language Understanding (NLU) and machine learning, including Intelligent Document Processing (IDP), BP2S is now able to automatically capture, extract and classify data from documents such as fund prospectuses and order confirmations. The resulting structured datasets are then fed directly into the bank’s operational systems. The bank has so far automated the processing of 500,000 documents a year.
Processing of the following documents has been automated:
- Fund prospectuses – improving onboarding of new clients
- Order confirmations – increasing straight-through processing rates
- Corporate events announcements – shortening the lead time of corporate action announcements
- Tax documentation – accelerating the processing of tax forms