BNP Paribas takes stake in AI-based compliance startup
30 January 2017 | 9857 views | 0
BNP Paribas Securities Services has taken a minority stake in Fortia Financial Solutions, a software company which uses artificial intelligence, machine learning and business process monitoring to help the fund industry meet rising compliance requirements and manage mounting volumes of data.
Founded in 2012, Fortia's Innova platform helps asset managers and asset owners ensure they have the right controls in place to monitor the compliance of their funds with local and international regulatory requirements.
The French bank's interest in the company was sparked by its participation in a fintech and corporate accelerator programme hosted by L'Ateleir BNP Paribas last year.
BNP says it plans to use the company's products within its depository banking business as well as provide finance and guidance to the firm as it grows its business.
Jean Devambez, global head of product and clients solutions, Asset and Fund Services, at BNP Paribas Securities Services, says: “By taking a stake in Fortia, we are not only helping a start-up flourish but also ensuring our clients have access to the latest technologies to grow and develop their business, meet compliance requirements and enhance operational efficiency.”