BNP Paribas and Ant International set to transform European market with strategic partnership

In a significant move to bolster cross-border payment solutions in Europe, BNP Paribas, the leading European Union bank, has partnered with Ant International, a trailblazer in digital payment and financial technology. The collaboration was formalized through a Memorandum of Understanding (MoU) signed in Zurich by Douglas Feagin, President of Ant International, and Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions & Factoring at BNP Paribas.

Under this strategic alliance, BNP Paribas will integrate Alipay+, Ant International’s advanced mobile payment and digitalization technology platform. This integration aims to empower thousands of merchants across Europe, utilizing BNP Paribas’ acquiring services, to accept payments seamlessly from over 25 international mobile partners via Alipay+.

Additionally, the partnership will bolster the role of WorldFirst, Ant International’s comprehensive digital payment and financial services platform, within the Single Euro Payments Area (SEPA) scheme. BNP Paribas will sponsor WorldFirst’s enhanced participation in SEPA, facilitating smoother online cross-border payments and fund transfers within the SEPA zone. This initiative will allow WorldFirst’s clients to access real-time payment schemes and automate treasury payments to optimize their operations.

A key aspect of the collaboration is the exploration of tokenized deposits for global treasury management through Ant International’s Whale platform. Utilizing blockchain technology, advanced encryption, and AI, the Whale platform aims to revolutionize the efficiency and transparency of global fund transfers, enhancing liquidity management for businesses worldwide.

Douglas Feagin, President of Ant International, highlighted the strategic importance of Europe due to the increasing cross-border commerce and the influx of travelers, particularly with the excitement surrounding UEFA EURO 2024. “Through our collaboration with BNP Paribas, a leader with deep roots in the European market, we aim to enhance global travel and trade convenience,” Feagin stated.

Pierre Fersztand of BNP Paribas reflected on the partnership as a continuation of a fruitful collaboration that began with the rollout of Alipay+ in Europe in 2016. “This agreement is a pivotal step in enhancing our service offerings and leveraging our combined strengths to provide superior cross-border payment services. We are also excited about fostering innovation with such a significant player to set tomorrow’s treasury management standards,” Fersztand added.

This strategic partnership marks a milestone in the financial sector, aiming to streamline and enhance financial transactions across Europe through innovative technologies and collaborative expertise.