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BNP Paribas Personal Investors and Cringle launch a powerful peer to peer payment solution!

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In Germany, over 40% of purchases exceeding 40 USD are made in cash, compared to only 20% of them in the United States . This propensity can be costly as cash withdrawals tend to be expensive in Germany. With the growing penetration of smartphones (by 2019, 69% of Germans will possess smartphones), payments habits could evolve in the coming years. To anticipate this trend, Cringle, a peer to peer payments provider and BNP Paribas Personal Investors, the bank’s specialist in digital banking and investment services, have just launched a dedicated peer-to-peer payment solution for Consorsbank, BNP Paribas Personal Investors’ brand dedicated to retail customers.

A powerful, dedicated and forward-looking peer-to-peer payment solution for Consorsbank’s clients

The cooperation between Cringle and BNP Paribas Personal Investors started in May 2016 when their respective teams worked on a daily banking initiative after a first encounter in October 2015 at a FinTech Summit in Berlin. Consorsbank was missing a peer to peer payment solution for its clients. Cringle seemed to be the ideal partner to meet this need. With Cringle, Consorsbank aims to propose them a powerful, dedicated and forward-looking peer-to-peer payment solution that goes beyond the “basic” version currently offered to everybody on the app store.

What’s the solution like?

Cringle is more than just payment”.  With its p2p technology, it allows end-customers to send and receive money (using their bank account) to another end-customer via a (portable) device (i.e. mobile phones). Cringle proposes the only open system, which allows you to send money to (and receive from) any person that has a bank account, without any necessity to know the exact account number. The solution envisaged for Consorsbank addresses payments exceeding 250 euros per month and includes such sophisticated options as real-time or near-time payments. Outcome of a strong cooperation between Cringle and Consorsbank, the solution has just been deployed.

A strong cooperation between Cringle and Consorsbank from the outset

From the very beginning, Peter Fuchs, Head of Business Strategy, Consorsbank, Christoph Brandt, Marketing & eBusiness Development at Consorsbank, Stefan Meinicke, Project Manager, Consorsbank  and Cringle’s co-founders: Joschka Friedag, Malte Klussmann, Konrad Maruszewski and Alexander Nehls installed a cooperative and trustful relationship. This contributed to make the collaboration process smoother on both ends.

Cringle’s team was pleasantly surprised by the accessibility and the commitment of their Consorsbank counterparts. They also appreciated their efforts to speed-up the decision making process. In particular, they valued their initiative to hold a one-day workshop to introduce them to Consorsbank decision-makers and save them precious time!

On Consorsbank side, they were impressed by Cringle’s professionalism and reassured by the references they had managed to secure in the financial services sector just four years after the company’s creation, back in 2013.

Both teams have completed the proof of concept in July and have now deployed the brand new peer-to-peer payment solution this month. All Consorsbank clients should benefit from this premium peer-to-peer payment solution and measure how it’ll definitely change their daily lives! With this cooperation, Consorsbank and Cringle have demonstrated their ability to work hand in hand to improve Consorsbank’s client customer experience, innovating for the sole benefits of their clients!

BNP Paribas Personal Investors:

BNP Paribas Personal Investors operates under two brands in Germany, Consorsbank, targeted to individual customers, and DAB BNP Paribas for B2B customers. It is the no. 4 full-service direct bank [1] in the market by the number of customers and the 1st online broker by the number of executed orders by individuals[2]. DAB BNP Paribas is one of the leading operators for Independent Financial Advisors and Asset Management specialists. In a quest for permanent improvement in the Customer Experience, Consorsbank began in 2016 to offer clients the option of opening an account via video legitimation. BNP Paribas Personal Investors offers its services to more than 1.5 million customers in Germany[3] and 3 million globally.

Cringle: Cringle is a mobile application that connects its users’ bank accounts with their phone numbers, allowing them to send money to anyone, without knowing their bank account information. Through its platform, money is easily transferred by simply selecting the desired recipient from the contacts on their smartphone. Cringle was launched in 2013 by Alexander Nehls, Konrad Maruszewski, Malte Klussmann, and Joschka Friedag. It is based in Berlin, Germany.[4]

OpenUp: the OpenUp Platform connects BNP Paribas employees, working on innovation or business projects, to startups around the world. These startups can be Fintechs as well as startups in other adjacent services and technologies. The OpenUp App allows startups to apply for projects within the bank, connect to BNP Paribas' experts and post ideas, explaining how their solution can improve the bank. 

 


[1] Excluding direct retail banks of car distributors

[2] Financial communication of main competitors

[3] Latest 2016 BNP Paribas Personal Investors figures published by BNP Paribas

[4] Source : crunchbase

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