BNP Paribas and Ant International have formed a strategic partnership to enhance cross-border payment solutions for merchants and consumers in Europe. In a Memorandum of Understanding (MoU) signed on 3 July 2024 in Zurich by Douglas Feagin, President of Ant International and Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions & Factoring at BNP Paribas, both parties agreed to develop several key initiatives, which will see BNP Paribas working closely with Ant International and its digital payment and innovative businesses. BNP Paribas will work with Alipay+, the cross-border mobile payment and digitalisation technology solutions operated by Ant International, to enable thousands of merchants that use BNP Paribas' acquiring service across Europe 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 for global businesses, 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 WorldFirst 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 through the use of tokenised deposits.

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