Ant International and BNP Paribas have entered a strategic partnership to enhance cross-border payment solutions for European merchants and consumers.
The partnership was formalised through a Memorandum of Understanding signed in Zurich by Douglas Feagin, President of Ant International, and Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions, and Factoring at BNP Paribas.
Ant International will work with BNP Paribas to enable thousands of merchants using BNP Paribas’ acquiring services across Europe to accept payments from over 25 international mobile partners via Alipay+. This collaboration aims to streamline cross-border transactions, making them more efficient and accessible for businesses and consumers.
The partnership will also strengthen WorldFirst’s participation in the Single Euro Payments Area (SEPA) scheme.
BNP Paribas will sponsor WorldFirst’s integration into SEPA, allowing WorldFirst’s clients to access real-time payment schemes under SEPA and automate treasury payments. This initiative will enhance the efficiency and speed of online cross-border payments and fund transfers within the SEPA Zone.
This strategic partnership will also explore innovations in tokenised deposits for global treasury management through Ant International’s Whale platform.
This collaboration aims to improve the efficiency and speed of global fund settlements by leveraging BNP Paribas’ infrastructure and Ant International’s blockchain technology, advanced encryption, and AI capabilities.
“Europe is an important region for Ant International, with the rise of cross-border commerce and the increase in travellers to the region. 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,”
said Douglas Feagin, President of Ant International
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,”
added Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions & Factoring at BNP Paribas.
Featured image credit: Edited from BNP Paribas