BNP Paribas and A New Fintech Solution for Marketplace Payments
In a strategic collaboration with Startup Studio 321, BNP Paribas has introduced an innovative fintech solution called «Panto,» designed to streamline and enhance marketplace payments, as outlined in Finextra news. Panto is set to revolutionize the landscape of European B2C e-commerce platforms, focusing initially on those within the BNP Paribas customer base and eventually expanding to cater to the broader European B2B and C2C markets, including international sellers.
Panto operates through a robust full-service plug-in API, offering a seamless and efficient payment ecosystem for marketplaces. Neil Pein, the head of payments transformation and new digital businesses at BNP Paribas, expressed his vision for Panto, saying, «With Panto, we aim to contribute to the creation of a leading player for marketplaces and, moreover, in the platformization of commerce. For its launch, Panto can count on the strength of BNP Paribas, present across the entire payment value chain.»
The leadership team behind Panto boasts seasoned expertise in the fintech industry, with Guillaume Massis, formerly of Intuit and co-founder of mobile payments fintech Airtag, stepping into the role of CEO for this exciting startup venture. Massis emphasized the commitment to excellence, stating, «From the outset, we’ve set ourselves the highest industry standards in terms of integration, functionality, and technology, at a competitive price. Although there is a lot of competition in this market, it remains vast and continues to grow. We developed a first complete beta version in 6 months. With the support of BNP Paribas at our side since Panto’s creation, we look forward to a similar dynamic commercial launch phase.»
Panto is slated for an official launch in the first half of 2024. During the interim period until obtaining payment institution approval, the fintech will operate as an agent of BNP Paribas, ensuring a smooth transition into the marketplace payments arena.
This announcement comes in the wake of rival French bank Societe Generale’s recent partnership with Lemonway to provide payment services to large corporations launching B2B marketplaces in Western Europe. As competition in the fintech space heats up, it is clear that financial institutions are recognizing the immense potential and demand for cutting-edge solutions in the evolving world of marketplace payments.