SlimPay and BNP Paribas join forces on Open Banking

Founded in 2009 to help companies migrate their domestic direct debits to the European SEPA standard, the payment service provider SlimPay, a specialist in recurring payments, has just announced its partnership with the traditional bank BNP Paribas. Their joint work will focus on the theme of Open Banking, reflecting SlimPay's efforts to expand its offering.

FACTS

• SlimPay has chosen BNP Paribas as its banking partner to manage its growing inter-bank flows in Europe.

• The FinTech believes that this association will allow it to :

• rely on Open Banking technologies to maintain or even accelerate its growth by opening new flows,

• develop and offer new services, including a European instant transfer service.

• This collaboration will be effective from 19 April and is planned for a period of 5 years.

CHALLENGES

• Continuing to diversify: Faced with GoCardless and the emergence of start-ups specialising in recurring payments by direct debit, SlimPay is seeking to extend its offerings. Today it will rely on its partnership signed with BNP Paribas to achieve its goal while in 2018 it chose to facilitate recurring card payments.

• A significant boost in confidence: For SlimPay, the signing of this partnership with BNP Paribas also represents a way to put its recent regulatory setbacks behind it. At the end of 2021, the French recurring payment specialist was fined 180,000 euros by the CNIL. The fine related to failures to protect the banking data of 12 million people over a four-year period.

MARKET PERSPECTIVE

• This is obviously not the first time that payment service provider SlimPay has approached traditional French banks. In 2015, SlimPay signed a deal with Crédit du Nord. At the time, SlimPay offered its solution for recurring payments (allowing transactions to be signed, mandates to be issued and outstanding payments to be managed) to Crédit du Nord's corporate customers.

• Today, on the other hand, SlimPay has chosen a bank as a partner to develop its offer and its model.

• SlimPay has also diversified its customer base over the years, and now includes large companies such as AXA, EDF, Deezer and Nespresso. It manages their subscriptions and recurring payments for their own customers.