BNP Paribas announced a new collaboration with a FinTech company as it looks to enhance its services for corporate treasurers.
Reports on Wednesday (Sept. 26) said BNP Paribas is working with Cashforce to offer digital cash flow forecasting services for its business clients. Their partnership will allow a cross-integration of corporate treasurers' existing accounts and functions for a more holistic, streamlined view of cash positions.
BNP Paribas noted that the solution integrates with a range of ERP systems and other sources of financial data for the enterprise, and will be offered to customers under its CENTRIC integrated digital banking platform.
"This partnership with Cashforce marks a new step in our digital transformation, and illustrates our commitment to offering our clients the best-in-class solutions they deserve, wherever they come from," said BNP Paribas Head of Transaction Banking EMEA Jacques Levet in a statement. "Forming agile partnerships with innovative [FinTech firms] like Cashforce, [which] leverage[s] new technologies such as AI, helps us to significantly accelerate the digitalization of our customer journey in the area of transaction banking."
For Cashforce, said the firm's CEO Nicolas Christiaen, the collaboration with BNP Paribas offers an opportunity to expand internationally "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' clients."
BNP Paribas' Q1 profits were down, the company reported in May, posting a 17 percent drop in net profits. However, reports at the time noted the decline was expected. The bank posted $1.9 billion in Q1 net income, while revenues dropped 4.4 percent.
The bank is one of many working to digitize the corporate treasury function. In a recent interview with PYMNTS' Karen Webster, FIS President of Corporate Liquidity and Bank Treasury Andrew Bateman said there is signifiant work to be done in this area.
“There is a long way to go in being real time in treasury and cash management,” he said.