Cloud-based subscription management platform provider Zuora has partnered with BNP Paribas Leasing Solutions to offer new usage solutions for professional equipment, a press release said Wednesday (July 13).
BNP Paribas Leasing Solutions, part of one of the biggest banks in the world, offers financing for professional equipment. The partnership with Zuora allow industry partners to offer their customers usage-based equipment, avoiding the need to own and maintain expensive equipment.
The press release said Zuora platform offers customized invoicing based on how and when equipment is used. This will be more sustainable: prolonging the life of equipment, cutting upgrade costs, and allowing for buying second-hand and refurbished equipment.
“BNP Paribas Leasing Solutions, an established European leader in equipment finance, is now at the forefront of financial services transformation as they embrace the subscription economy with new monetization strategies,” said Robbie Traube, president and chief revenue officer at Zuora. “Now on Zuora, BNP Paribas Leasing Solutions will have the flexibility and agility to make critical equipment more accessible and tailored to companies’ individual needs, all while providing more sustainable options.”
Meanwhile, BNP Paribas Leasing Solutions’ Isabelle Loc said Zuora was a good partner because it had a platform that would offer flexibility and adapt to the usage needs of equipment.
“Our future financing offers will be driven by the equipment consumption and optimization through additional services such as maintenance and lifecycle management. This will help companies deliver on their core business while closely managing their budget and quality of service to their customers.”
PYMNTS wrote that BNP Paribas had become a user of blockchain.
The report notes that the bank joined a U.S.-based blockchain network overseen by JPMorgan in order to use digital tokens for short-term trading in fixed income markets.
JPMorgan had bought over $300 billion in crypto business since it began working in that field since last December.
The partnership with BNP Paribas will see the first steps “in efforts to use digital tokens in one of the crucial links of the global financial system,” the report says.
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