Banking Circle wins at Payments Awards

Best Payments Infrastructure Award underlines ambitious growth strategy as it launches direct clearing for DKK

London, 12th November 2021 – B2B Payments bank, Banking Circle, secured another industry accolade as it won the Best Payments Infrastructure Award at last night’s 2021 Payments Awards.

Banking Circle launched its Banking Licence in February 2020 and accelerated a programme of innovation to extend its proposition and service offering with the result that it had processed 6% of European B2C e-commerce flow by the end of 2020. With ambitious growth plans it is now processing over half a million payments every day, equating to 150 million payments a year and has recently joined the Danish national intraday clearing system which, as a direct clearing participant, means it can enable Payments businesses and Banks to pay out and collect payments locally in Denmark on behalf of their customers more quickly and at lower cost than via traditional cross border payment methods.

“We are building a local clearing network for all major currencies that delivers the fastest, lowest cost payments – with no hidden fees for the beneficiary”, explained Anders la Cour, CEO, Banking Circle Group. “Taking on a job that very few other banks or FinTechs want to tackle, we have committed significant investment to building a unique super-correspondent banking network – as demonstrated by the recent addition of the DKK to our direct clearing payment rails – and this latest win underlines the importance of that focus.”

The win also reflects the role Banking Circle is playing in empowering B2B payments, fundamental to the recovery of the global economy following the pandemic.

“Banking Circle is wholly focused on delivering a payments solution that will enhance FinTechs’ and Banks’ customer propositions, which we know is fundamental to oiling the wheels of the global economy”, added Anders la Cour. “The ‘investment light’ payments solutions we provide enable Financial Institutions to support the businesses that are bouncing back from the pandemic.”