BNP Paribas has struck a deal to buy currency risk management automation firm Kantox. Financial terms were not disclosed.
Kantox offers corporates a one-stop-shop, API driven, plug-and-play solution for setting up hedging strategies.
BNP Paribas has been offering the firm's hedging technology to clients since 2019. Now, two of the bank's Corporate & Institutional Banking (CIB) and Commercial, Personal and Banking Services (CPBS) divisions will now push Kantox software to large corporate as well as SME and mid-cap clients.
"Corporate treasurers are currently navigating turbulent markets and advanced technology can help mitigate some of the challenges, easing the burden of manual tasks and allowing them to focus on their core business," says Olivier Osty, head, global markets, BNP Paribas CIB.