The Luxembourg-based modern correspondent Bank is supporting US payments providers expand with its fast, low-cost cross-border payments across 25 currencies.
Having gained significant momentum as an alternative to correspondent banking, Banking Circle ‘s is forecasting a noticeable uplift in its payments flow for 2022.
Serving over 250 financial institutions across the globe, the first three quarters of 2022 saw the Luxembourg-licensed bank process enough payments to imply €332bn in total annual run-rate payment volumes. According to Worldpay’s 2022 Global Payments Report, this means it is settling more than 10% of Europe’s B2C e-commerce flow.
“These latest numbers show the market appetite for our cutting-edge, fast and cost-effective solutions, with in-built compliance. We’re providing a genuine alternative to traditional correspondent banking, removing many of the barriers to cross-border payments,” said Laust Bertelsen, CEO of Banking Circle.
Handling up to 25 currencies without facing prohibitive costs, Banking Circle remains an attractive option for US payments companies and fintechs looking to expand beyond North America.
“The global e-commerce market is growing rapidly and many US payments providers and fintechs can see the opportunity to expand beyond North America”, explains Jussi Lindberg, Chief Commercial Officer, Banking Circle S.A.
