BNP Paribas has agreed to buy Kantox, a fintech working on automating currency risk management, to help add more automation to B2B cross-border work, a press release said.
Kantox has a software solution that offers a rebundling of the Corporate FX workflow, with a “one-stop-shop, API-driven” strategy. BNP Paribas will integrate the company’s work and extend them to more companies globally.
With the acquisition, BNP Paribas is working on its “Growth Technology Sustainability 2025 plan,” which will help out with accelerating developing technology.
Olivier Osty, BNP Paribas Head of Global Markets for the CIB division, said the company was looking to help corporate treasurers who are “navigating turbulent markets” and so the partnership will help add more advanced technology. He said this could help with “easing the burden of manual tasks and allowing them to focus on their core business.”
“We have been serving clients together since 2019 when our technology partnership started. During those 3 years, we spent a lot of time together in the field, getting the opportunity to understand that together we were stronger and able to bring more value to clients,” said Kantox founder Philippe Gelis. “It is the best of both worlds, the leading software company in the currency management automation category and the leading bank in Europe.”
There’s been talk of how to work with cross-border payments, with PYMNTS writing that many more businesses have needs for working with them these days.
There’s been a global trend toward a more remote workforce, along with various supply chain issues stemming from the pandemic, which have created a need for assistance with fast-paced, efficient B2B cross-border work.
A PYMNTS and American Express study found that 48% of businesses surveyed said they were looking for a better cross-border payment solution, with less than a third saying their current solution was doing well for them to meet cross-border needs.
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