BNP Paribas, a leading bank in Europe, has announced the names of eight startup companies that have been selected for its FinTech accelerator programme, run by the tech innovation specialist L'Atelier BNP Paribas. These startups are from diverse background that includes blockchain, artificial intelligence, insurance and more.

One of these selected companies is CommonAccord, a blockchain-based startup for legal documentation. It aims to create global codes of legal transacting by codifying and automating legal documents, including contracts, permits, organizational documents, and consents. It brings the benefits of open source collaboration to legal documents and enables a world of peer-based relationships and facilitates continuous improvements to legal texts.

CommonAccord wants to build a distributed network of participants that synchronizes files with each other, using blockchain, GitHub or email transfer, CoinDesk reported. The website says that blockchain "smart contracts" can automate routine transaction functions while the legal text provides a frame for legal enforceability.

Another name in the list includes machine learning startup Heuritech. It is developing an easy-to-use platform of artificial intelligence (AI) solutions designed to automatically turn all content (both multilingual texts and images) into actionable data. It aims to become the French leader of deep learning applications.

Fortia Financial Solutions, a French RegTech company, has also made the cut. It brings disruptive technologies to the field of regulatory practice. Based on AI, machine learning and collaborative intelligence, Fortia Financial Solutions is set to bring about substantial changes in the way compliance is managed.

Other selected companies include Amalfi, France’s first peer-to-peer insurance broker; KYC3 (Know Your Customer, Counterparty and Competition); LogMote, a unique unified authentication service; PayCar, a payment method designed to facilitate used car transactions; and TwinPeek, the first Personal Data Protection & Monetisation solution.

“Over the next four months, the eight selected tech startups will be working on an Open Innovation programme with the aim of meeting specific needs expressed by various BNP Paribas businesses in a number of fields including inter alia insurance, payment methods, customer experience, cybersecurity, risk analysis and compliance”, the release said.