If we played a little word association game and I said “BNP Paribas”, chances are the next words to pop into your mind might be “international bank headquartered in Paris”, “cash management” or even “sponsor of the French Open”.
Yet, in news that one of the biggest banks in the world is launching a service of e-commerce websites, BNP Paribas is referred to as “a payment technologies provider”.
The service itself is billed by the bank as “a first in the world of banking”. It will enable online marketplaces and vendors to bring their financial transactions into full compliance with the regulations.
According to the bank, this service will offer Credit Institution agency status to online marketplace clients and will help them comply fully with the regulations issued by ACPR, the French Prudential Supervision and Resolution Authority.
This will help online vendors – often retail businesses – to carry out payment services that, under EU law, can only be performed by an authorised payment services provider.
All of which is good news for online businesses and buyers. But just to go back to that “payment technologies provider” - is this yet further confirmation that some of the titans of the payments and cash management world are diversifying faster than you can say 'Royal Bank of Scotland'?
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