BNP Paribas, the multinational bank, is joining forces with Ant International, a digital payment and financial technology leader, in a move to enhance cross-border payment solutions for merchants and consumers across Europe.
BNP Paribas plans to work with Alipay+, the suite of cross-border mobile payment and digitalisation technology solutions operated by Ant International, enabling the thousands of merchants using BNP Paribas’ acquiring service to accept payments from more than 25 international mobile partners.
The two organisations have agreed to work together to strengthen WorldFirst’s participation in the Single Euro Payments Area (SEPA) scheme. WorldFirst, Ant International’s one-stop digital payment and financial services platform for global businesses, is looking to reinforce its participation in SEPA to enable businesses to make online cross-border payments and fund transfers more seamlessly within the SEPA Zone.
BNP Paribas will sponsor WorldFirst’s participation in the SEPA scheme, enabling WorldFirst to leverage the bank’s expertise and products to expedite its integration and onboarding onto SEPA. WorldFirst’s clients will gain access to payment schemes under SEPA in real-time and automate treasury payments to optimise their operations.
Pierre Fersztand, global head of cash management, payments, trade solutions and factoring at BNP Paribas, explained: “This new agreement with Ant International deepens a long-term collaboration that started in 2016 when Alipay+ was rolled out in Europe.
“This is a key step in bolstering our service offering while leveraging on each other’s strengths to offer our clients the best service when it comes to cross-border payments. Additionally, we are keen to foster innovation with such a key player to develop tomorrow’s treasury management standards.”
Enhancing global fund settlements
BNP Paribas will also explore innovations in tokenised deposits for global treasury management, through Ant International’s ‘Whale’ platform. The collaboration aims to improve the efficiency and speed of global fund settlements through the use of tokenised deposits.
Douglas Feagin, president of Ant International, commented: “Europe is an important region for Ant International, with the rise of cross-border commerce and the increase in travellers to the region, and of course, the excitement around UEFA EURO 2024 this year.
“Through our collaboration with a leading industry partner, we will bring together digital payments and innovative technology solutions from Ant International, with BNP Paribas’s depth of experience in the European market, to deliver greater connectivity and make global travel and trade more convenient.”
Ant International will leverage BNP Paribas’ infrastructure to develop its Whale platform, a treasury management solution that utilises blockchain technology, advanced encryption and AI, to improve the efficiency and transparency of fund movement between bank accounts for better global liquidity management.
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