Banking Circle helps SnapSwap build accessible banking infrastructure
POBO and COBO solution streamlines business transactions
London, 22nd June 2021 – SnapSwap, the innovative provider of digital transformation solutions for financial services & businesses has selected Banking Circle to deliver faster and lower cost payments for its customers. Utilising Banking Circle’s Payments on Behalf of (POBO) and Collections on Behalf of (COBO) solution, SnapSwap will see improvements to settlement times, reconciliation and transaction processing.
SnapSwap has a proven track record in building digital platforms for onboarding and KYC technologies, and holds a Principal Mastercard Membership which allows the issuing of credit and debit cards and processing of the transactions. Its accessible SME banking platform, Everest™ offers instant account opening, online current accounts, multiple credit cards and automated expense management.
Denis Kiselev, CEO of SnapSwap, commented: “Being an entrepreneur myself, I am all-too aware of the difficulties of setting up companies, opening accounts and getting corporate credit cards. We launched SnapSwap and Everest to support SMEs and start-ups right from day one, providing them with the necessary financial tools to grow their businesses.
“Our vision is to enable business owners to focus on their products and clients while we take care of the rest, and Banking Circle POBO and COBO provide us with an important component in our financial infrastructure to achieve that goal. It is a modern, automated solution which means our customers benefit from faster, smoother payments and reconciliation.
“Importantly, the partnership with Banking Circle also means we gain higher scalability opportunities and services that are not available through traditional banks.”
Banking Circle POBO and COBO tackle the compliance and reconciliation issues often faced in global B2B payments. Historically B2B payments have been received in the name of the payments business or bank rather than the underlying customer. This can result in reconciliation issues which, in turn, can cause delays in settlement and impact cashflow. The Banking Circle solutions address these pain points by enabling financial institutions to offer immediate visibility of the sender’s details when processing B2B payments, and to collect funds locally into accounts in the underlying customer’s name.
Anders la Cour, co-founder and Chief Executive Officer of Banking Circle added: “Utilising Banking Circle’s unique financial infrastructure, POBO and COBO provides SnapSwap with an optimised end-to-end payment solution and visible, Wire Transfer Regulations compliant, payment chain. SnapSwap clients benefit from smoother, faster reconciliation through dedicated multi-currency Virtual IBANs in multiple jurisdictions. Crucially, SnapSwap no longer needs to rely on the slow, costly and outdated correspondent banking network or invest in building its own solution.”