The Luxembourg-based financial institution will help its Bavarian customer reduce its conversion fees and management costs on 24 currencies.
Photo: Anders la Cour, Co-founder & CEO of Banking Circle / Credits © Banking Circle
Banking Circle partners with Novalnet AG, a German provider of online payment services.
The Luxembourg-based financial institution will provide its Bavarian customer with support on foreign exchange (FX) and settlement solutions, including like-for-like settlement in 24 currencies, a method that avoids currency conversion when operating business in foreign currencies.
Banking Circle’s platform will help Novalnet reduce its costs in exchange fees in managing multiple international banking partners, while providing its customers with a more efficient service at lower costs.
“Integrated into the Novalnet Payment engine, the Banking Circle platform delivers instant results, including scalability, cost savings on SWIFT, an additional revenue stream on FX and the all-important increased customer satisfaction,” both partners explained.
Launched in 2013, Banking Circle is a financial infrastructure provider to payments businesses and banks. It specializes in cross border payments, B2B payments, banking, lending, payments, and FX payments. The company is co-owned by its founders and EQT a Swedish investor. It is headquartered in Luxembourg and operates offices in London, Munich and Copenhagen. It has 50 employees, mainly bank employees and some IT staff. Last February, the fintech received its banking visa and was officially inaugurated in the presence of Luxembourg Finance Minister Pierre Gramegna.
Founded in 2007 in Munich, Novalnet provides online payment infrastructure and solutions to 12,000+ B2C and B2B merchants worldwide, including international payment, fraud prevention and debt collection services. Its global network employs 200 people based in its German headquarters, the US, India and Ukraine.