Ant International expands European presence with BNP Paribas

Alipay sign.
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BNP Paribas and Ant International have entered a strategic partnership to improve cross-border payment solutions for European merchants and consumers.

Under the agreement, BNP Paribas will collaborate with Alipay+, the cross-border mobile payment and digital technology solutions platform operated by Ant International. This partnership aims to enable thousands of merchants using BNP Paribas’ acquiring services across Europe to accept payments from over 25 international mobile partners via Alipay+.

This development follows the signing of a Memorandum of Understanding (MoU) on 3 July. Douglas Feagin, President of Ant International, and Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions and Factoring at BNP Paribas, signed the MoU.

The agreement outlined the companies collaboration on multiple initiatives, with BNP Paribas set to partner closely with Ant International and its digital payment and innovation enterprises.

Feagin commented: “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.”

The pair also agreed to enhance WorldFirst‘s participation in the Single Euro Payments Area (SEPA) scheme. WorldFirst, Ant International’s integrated digital payment and financial services platform for global businesses, aims to streamline online cross-border payments and fund transfers within the SEPA Zone.

BNP Paribas will support WorldFirst’s integration into the SEPA scheme, enabling WorldFirst to utilise the bank’s expertise and product offerings. Clients of WorldFirst will gain real-time access to payment schemes within SEPA and automate treasury payments.

Additionally, BNP Paribas and Ant International will collaborate on exploring innovations in tokenised deposits for global treasury management via Ant International’s Whale platform, seeking to enhance the efficiency and speed of global fund settlements by leveraging blockchain technology.

Fersztand stated: “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.”

Ant International has recently intensified its expansion efforts in Europe. This strategic focus culminated in Antom, its payment and digitisation services arm, acquiring Dutch fintech firm MultiSafepay earlier this month.