Luxembourg-based Payments company Bank Banking Circle joins B2B cross border payment provider Verto to simplify international payments for its clients. By combining Banking Circle’s award-winning Virtual IBAN solution and Verto’s expertise in cross border payments, clients will find it a lot easier to execute their payments.
International businesses often struggle to keep their transaction costs down. Although Verto’s expertise in cross-border payments was prized among their clients, pay-ins remained a pain point for them which is why they decided to partner with Luxembourg-based Banking Circle.
Our clients told us that pay-ins to their multi-currency wallets were difficult and inconvenient. Using Banking Circle Virtual IBAN and allowing Banking Circle to make and collect payments on behalf of our clients directly addresses the pain points,” explained Ola Oyetayo, Co-founder and CEO, Verto.
By enabling clients to have specific IBANs, reconciliation is made easier, which in turn increases client confidence and simplifies international transactions.
“Working together, we have removed the frictions of cross border transactions and provided our clients with truly global bank accounts,” adds Ola Oyetayo.
“The Verto offering is innovative and exciting and is already helping smaller businesses transact into jurisdictions they would otherwise have been unable to serve.”
Laust Bertelsen
New Jurisdictions
Streamlined cross-border payments are a real advantage for small businesses and will no doubt help them enter new markets.
“The Verto offering is innovative and exciting and is already helping smaller businesses transact into jurisdictions they would otherwise have been unable to serve,” says Laust Bertelsen, CEO of Banking Circle.
This new partnership not only expediates cross-border transfers and makes them cheaper, it also enables Banking Circle work in many different countries without having to establish physical offices there.
Currently, Banking Circle’s intelligent payment rails offer direct real time payments in over 25 major currencies via SWIFT including direct local clearing systems covering CHF, CZK, DKK, EUR, GBP, HRK, HUF, NOK, PLN, RON, SEK, and SGD.
Based on a McKinsey analysis of the e- commerce marketplace, Banking Circle processed 6% of the world’s B2C e-commerce payments in 2020 and is on track to process EUR 250 billion in payment volumes in 2021. With Verto onboard, these numbers will surely only increase.
