The Luxembourg fintech will provide Polish virtual IBAN solutions to payment businesses.
Banking Circle expands its payment provision for Poland with the addition of local Polish virtual IBAN accounts for collections.
“Payment businesses will be able to provide their underlying customers with unique, addressable virtual IBANs to collect funds in the buyer’s currency, in the underlying merchant’s own name,” the Luxembourg based pay-tech explained in a press release. “Sellers will be able to collect their proceeds in local currencies and take control of the foreign exchange conversions.”
Virtual IBANs can be created quickly and in bulk, allowing for easy allocation to customers. The same account number can have up to 25 currencies linked, enabling local settlement and payment capability, including financial professional services and SEPA, in addition to local Polish Zloty (PLN) collections.
“This new solution gives payment businesses the ability to extend their customer proposition where they are servicing businesses targeting the Polish market,” Laust Bertelsen Banking Circle’s CEO said.
Banking Circle S.A. is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver fast, low-cost payments with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market leading compliance and security.
Through bespoke, flexible, scalable, and futureproof solutions Banking Circle S.A. is enabling financial institutions to help their customers transact across borders in a way that was previously not possible.
Headquartered in Luxembourg, Banking Circle S.A. is an affiliate company in the Banking Circle Group ecosystem. The company, which has offices London, Munich, and Copenhagen, operates e-commerce solutions including global cross-border payments, accounts and liquidity management, revenue-based financing, business payments & card issuing, B2B Buy Now Pay Later and account-to-account payment methods.