The French banking group BNP Paribas has created a fintech company that is focused on European e-commerce players.
Panto’s offering, which was launched with the help of 321founded, provides marketplaces with a specialized payment management solution that guarantees smooth and secure financial operations. The relevant information is contained in the press release of the companies, which was published last Wednesday, October 18.
Panto offers several payment functions to marketplaces, including acceptance of relevant transactions and access to several payment methods adapted for each market. Also, in this case, withdrawal solutions are offered, including automatic redistribution of payments between third-party sellers and the trading platform. As part of these services, instant and standard money transfer procedures are provided.
Panto also offers consumers such management functions as the automated connection of third-party suppliers based on the internal Know Your Customer (KYC) process. As part of this solution, global fraud management using artificial intelligence is also available.
The launch of Panto is scheduled for the first half of next year. So far, there is no information about the exact date of the appearance of this product on the market in the sphere of financial services. Initially, the offer will be aimed at e-commerce players from business to consumer in Europe. In this case, special attention will be paid to trading platforms that are clients of BNP Paribas. The relevant information is contained in the press release.
Link Money CEO Eric Shoykhet said that the cost of payment transactions is a top priority for sellers. Experts also note that businesses strive to minimize the corresponding expenses. Currently, there is an increase in exchange rates, which entails an increase in the cost of operations on cards. Alternative payment methods are an offer that is largely of interest to consumers, but from the point of view of the commercial background for sellers, these are additional costs.
Currently, spending cuts are particularly relevant in the macroeconomic environment. The state of affairs in this space is characterized by stagnation of economic growth against the background of inflation and many other problems.
Eric Shoykhet says that sellers in general should change their approach to payments. In this case, it implies the transformation of the concept of perception of the relevant financial operations. According to Eric Shoykhet, the right solution is to provide consumers with access to all payment methods when placing an order.
Many sellers decided to pay any expenses they would have to face before the current macroeconomic pressure began. This decision was made to ensure that customer preferences will be satisfied and transactions will be successful.
Experts say that merchants operating in the e-commerce space will have to alleviate some of the problems of consumers so that they continue to make purchases. In the United States, according to the results of a special survey, it was found that 27% of buyers perceive delays in the delivery of goods as a serious disadvantage. Also, 24% of respondents stated that high shipping costs when shopping on online platforms are a significant problem for them.
As we have reported earlier, BNP Paribas Selects Worldline to Reduce Iban Fraud in Sepa Direct Debits.