Luxembourg-based banking company Banque de Patrimoines Privés S.A. (also known as Creand Wealth & Securities) enters into a strategic technology partnership with Estonian FinTech Depowise by adopting its state-of-the-art solutions for automating and digitalising depositary business.
Estonian FinTech startup Depowise announced today that Luxembourg-based banking company Banque de Patrimoines Privés S.A. (BPP) adopts Depowise, a leading depositary solution for both the EU-level regulated and alternative investment funds.
Deploying Depowise solutions is part of BPP’s commitment to enhance overall business reforms and improve its efficiency through digital technology. By adopting Depowise’s one-stop solution, BPP will be able to improve the efficiency of the entire depositary life cycle from exploration to closure, ultimately allowing to scale its business.
Banque de Patrimoines Privés S.A. has adopted Depowise’s technology solution that allows monitoring cash flow, transfer agencies, investment compliance and investor oversight. In addition, this one-stop solution includes an engine for full net asset value reconciliation, an ex-custody asset register, as well as excellent tools for reporting and managing workflow.
As the depositary business falls into two main areas – UCITS and AIFs – Depowise has developed the best solutions for both types of investment funds, covering all their needs, activities, obligations, and responsibilities. UCITS, Undertakings for Collective Investment in Transferable Securities, represent investment funds that are operating under the regulatory framework of the European Commission. AIF, Alternative Investment Funds, represent investment funds not regulated at the EU level by the UCITS directive. The main difference between these funds is that UCITS can invest only in liquid transferable securities, while AIFs can invest in any type of investment assets, including transferable securities, real estate, private equity, precious metals, antiques, and art.
Josep Ramoneda, the Chief Operating Officer at Banque de Patrimoines Privés S.A., said: “We are convinced that the implementation of Depowise is improving the overall efficiency of our depositary processes, as well as benefiting the time to market, and ultimately our valued customers. In this context, the cooperation between the respective teams of Depowise and BPP, in addition to their business knowledge, has been a key factor for a smooth migration.”
Artur Reiter, the co-founder and CCO of Depowise, said: “We are proud that we consistently make sure to grasp the client’s needs quickly and provide the best solution that suits the market. It has been clear for some time that asset servicers have been underserviced from a technology perspective, which is why Depowise was founded. Today, in a very short period, we’ve managed to become one of the leading technology solutions providers for asset servicers. We are delighted to be able to support the digital transformation of Banque de Patrimoines Privés, increase the bank’s efficiency and enhance its competitive advantage. Ultimately, we are allowing them to scale the business and focus on what matters most – customers.”
Depowise is an Estonian-founded FinTech startup offering state-of-the-art enterprise software solutions for the asset servicing and asset management community. It enables organisations to achieve operational alpha and improve profitability through digitalised and automated business processes across cashflow monitoring, oversight, and asset safekeeping modules. Founded in 2021, Depowise’s innovative module-based solutions are already adopted by a number of leading global financial institutions.
About Banque de Patrimoines Privés S.A.
Based in Luxembourg, Banque de Patrimoines Privés S.A. (also known as Creand Wealth & Securities) provides wealth management, banking, accounting, and fund administration services. Since 2010, Banque de Patrimoines Privés S.A. has offered its professional and institutional clients highly qualified planning and structuring service, which, together with its depository banking and fund administration services, allows BPP to be the only small bank in the Luxembourg market to offer all these services. BPP also offers an exclusive wealth management service, discretionary portfolio management and the possibility to provide Lombard loans.