BNP Paribas taps 321founded to launch Panto

BNP Paribas, a French banking group, has joined forces with the start-up builder 321founded to introduce a new fintech solution called Panto. Panto offers a payment management solution designed for marketplaces and is set to launch initially for European B2C (business-to-consumer) e-commerce firms. This Paris-based fintech will provide a comprehensive payment platform through API integrations.

The core suite of Panto includes various features, such as:

Cash-in Features: These features support multiple payment acceptance capabilities, allowing marketplaces to accept payments from customers.

Cash-out Features: Panto enables automatic payment redistribution between the marketplace and third-party sellers, simplifying the payment process for all parties involved.

Management Features: The fintech offers automated Know Your Customer (KYC) processes, which help verify the identity of users, and AI-powered fraud management to enhance security.

Panto is expected to launch commercially in the first half of 2024 and will be led by CEO Guillaume Massis, who co-founded the Banking-as-a-Service (BaaS) platform Ditto Services in 2018. Massis claims that the beta version of Panto was completed in a short period of just six months.

Neil Pein, the head of payments transformation and new digital businesses for BNP Paribas Group, mentioned that the partnership aims to leverage the growing trend of “platformisation of commerce” to compete within Europe’s competitive marketplace payment ecosystem. Panto will initially operate as an agent of BNP Paribas while it awaits approval as a payments institution. There are plans to potentially expand its services to the European B2B (business-to-business) and C2C (consumer-to-consumer) markets at a later stage.