BNP Paribas and Ant International, a leader in digital payments and financial technologies, have formed a partnership to improve cross-border payment solutions for merchants and consumers in Europe.
In a Memorandum of Cooperation (MoU) signed on 3 July 2024 in Zurich by Douglas Feagin, Chairman of Ant International and Pierre Fersztand, Global Head of Treasury, Payments, Trade Solutions & Factoring at BNP Paribas, both parties agreed to develop several key initiatives, which will see BNP Paribas work closely with Ant International and its digital and innovative payments businesses.
BNP Paribas will partner with Alipay+, the cross-border payment technology and mobile digitization solutions managed by Ant International, to enable thousands of merchants using BNP Paribas’ redemption service across Europe to accept payments from more than 25 international mobile partners via Alipay+.
The two sides also agreed to work together to strengthen WorldFirst’s participation in the Single Euro Payments Area (SEPA). WorldFirst, Ant International’s single digital payments and financial services platform for global businesses, will strengthen its SEPA participation to enable businesses to make online cross-border payments and fund transfers more seamlessly within the SEPA Zone.
BNP Paribas will fund WorldFirst’s participation in the SEPA program, allowing WorldFirst to leverage the bank’s expertise and products to accelerate its SEPA integration and integration. WorldFirst customers will be able to access payment systems under SEPA in real time and automate Government payments to optimize their operations.
In addition, BNP Paribas will explore innovations in token deposits for global fund management with Ant International, through the latter’s Whale platform. The partnership aims to improve the efficiency and speed of global capital settlements through the use of token deposits.
Ant International will leverage BNP Paribas’ infrastructure to further develop the Whale platform, a next-generation cash management solution that uses blockchain technology innovation, including advanced cryptography and AI, to improve the efficiency and transparency of the movement of funds between bank accounts for better global liquidity management.
Douglas Fagin, Chairman of Ant International, said:
“Europe is an important region for Ant International, with the rise of cross-border trade and the increase in travelers to the region, and of course, the excitement surrounding 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’ deep experience in the European market, to deliver greater connectivity and make global travel and commerce more conveniently”.
Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions & Factoring at BNP Paribas added:
“This new agreement with Ant International deepens a long-term partnership that began in 2016 when Alipay+ was launched in Europe. This is a key step in strengthening our service offering while leveraging each other’s strengths to offer our customers the best cross-border payments service. Furthermore, we are keen to drive innovation with such a key factor in developing tomorrow’s fund management standards.”