BNP Paribas signs cross-border payment deal with Ant International

By Gloria Methri

BNP Paribas and Ant International have formed a strategic partnership to enhance cross-border payment solutions for merchants and consumers in Europe.

BNP Paribas will enable merchants that use its acquiring service 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) scheme. WorldFirst, Ant International’s one-stop digital payment and financial services platform, will 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, allowing it to leverage the bank’s expertise and products to expedite its integration and onboarding onto SEPA. WorldFirst’s clients will be able to access payment schemes under SEPA in real time and automate treasury payments to optimise their operations.

In addition, BNP Paribas will explore innovations in tokenised deposits for global treasury management with Ant International through the latter’s Whale platform. The collaboration aims to improve the efficiency and speed of global fund settlements using tokenised deposits.

Ant International will leverage BNP Paribas’ infrastructure to develop further its Whale platform, a next-generation treasury management solution that utilises blockchain technology innovation, including advanced encryption and AI. The platform helps to improve the efficiency and transparency of fund movement between bank accounts for better global liquidity management.

Douglas Feagin, President of Ant International, said, “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.”

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 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.”