BNP Paribas has sealed a partnership with fintech company Cashforce to boost its corporate clients’ user experience within cash management and trade finance.
The partnership will offer corporates a digital, autonomous cross-banking solution for their day-to-day transaction banking needs, connecting treasury departments with other business and finance departments, and offering full transparency into cash flow drivers, accurate and automated cash flow forecasting, and treasury reporting.
The move – which includes an investment by BNP Paribas in Cashforce – brings BNP’s transaction banking business another step closer to Open Banking, and reflects the bank’s technology-centric focus.
The platform is unique in its category because of the seamless integration with numerous ERP systems and financial data sources, the ability to drill down the transaction level details, and the intelligent AI-based simulation engine that enables multiple cash flow scenarios, forecasts and impact analyses.
“This partnership with Cashforce marks a new step in our digital transformation,” said Jacques Levet, head of transaction banking EMEA BNP Paribas.
“Forming agile partnerships with innovative fintechs like Cashforce, who leverage new technologies such as AI, helps us to significantly accelerate the digitalization of our customer journey in the area of transaction banking.”
Nicolas Christiaen, CEO of Cashforce, commented: “The partnership with BNP Paribas will further boost our international expansion and make more treasury departments work with accurate, efficient and best-in-class cash flow analytics and cash forecasting solutions.
“Also our working capital analytics engine will further strengthen the integrated banking and trade finance experience for BNP Paribas’s clients.”
The platform will be available to clients through CENTRIC, BNP Paribas’ integrated digital banking platform, which gives corporate and institutional actors instant access to the spectrum of BNP Paribas’ online financial services.