BNP Paribas, Europe’s leading bank, and Ant International, a digital payment and financial technology leader, have entered a strategic partnership to enhance cross-border payment solutions for merchants and consumers in Europe.
On July 3, 2024, in Zurich, Douglas Feagin, President of Ant International, and Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions & Factoring at BNP Paribas, signed a Memorandum of Understanding (MoU). The MoU outlines several key initiatives that will see BNP Paribas collaborating with Ant International and its digital payment businesses.
BNP Paribas will work with Alipay+, operated by Ant International, to enable thousands of European merchants using BNP Paribas’ acquiring service to accept payments from over 25 international mobile partners via Alipay+.
The partnership will also strengthen WorldFirst’s participation in the Single Euro Payments Area (SEPA) scheme. WorldFirst, Ant International’s digital payment platform for global businesses, will leverage BNP Paribas’ expertise and products to integrate and onboard onto SEPA more efficiently. This will allow WorldFirst’s clients to access SEPA payment schemes in real-time and automate treasury payments for optimized operations.
Additionally, BNP Paribas will explore innovations in tokenized deposits for global treasury management with Ant International through the Whale platform. This collaboration aims to enhance the efficiency and speed of global fund settlements using tokenized deposits. Ant International will utilize BNP Paribas’ infrastructure to further develop the Whale platform, incorporating blockchain technology, advanced encryption, and AI for improved global liquidity management.
Douglas Feagin highlighted the importance of Europe for Ant International, citing the rise of cross-border commerce and increased travel, especially with UEFA EURO 2024. He emphasized that the collaboration with BNP Paribas will combine digital payments and innovative technology from Ant International with BNP Paribas’s experience in the European market to facilitate global travel and trade.
Pierre Fersztand noted that this agreement deepens a long-term collaboration that began in 2016 with the rollout of Alipay+ in Europe. He emphasized the importance of leveraging each other’s strengths to offer superior cross-border payment services and foster innovation in treasury management standards.
