BNP Paribas is teaming up with fintech firm Cashforce to offer its corporate clients digital cash forecasting and treasury management technology. The French bank has also made an investment in Cashforce.
BNP Paribas says the partnership will give corporate treasurers a digital, autonomous and cross-banking system for their day to day transaction banking needs, with a focus on analytics, automation and integration.
Cashforce will help connect treasury departments with other business and finance units, and offer full transparency into the cash flow drivers, accurate and automated cash flow forecasting and treasury reporting.
Cashforce claims that its platform offers seamless integration with numerous ERP systems and financial data sources, has the ability to drill down the transaction level details, and uses an intelligent AI-based simulation engine that enables multiple cash flow scenarios, forecasts and impact analyses.
"Forming agile partnerships with innovative fintechs like Cashforce, who leverage new technologies such as AI, helps us to significantly accelerate the digitalisation of our customer journey in the area of transaction banking," says Jacques Levet, head, transaction banking, Emea, BNP Paribas.