DynaPay adds currencies and cuts cross border costs with Banking Circle
Innovative FinTech uses Virtual IBANs to add value for UK and European corporate clients trading internationally
London, 28th April 2021 – DynaPay, provider of intelligent and flexible FinTech solutions, has selected payments specialist, Banking Circle, to help it deliver fast and secure payment solutions for SMEs transacting globally and in multiple currencies.
Based in the UK, DynaPay is an FCA regulated European FinTech solutions provider serving e-commerce, travel and other business clients across the UK and EU/EEA. As a ground-breaking provider of payments infrastructure, Banking Circle is providing DynaPay with Virtual IBAN accounts to enable local payments and collections across borders.
By making payments ‘feel local’, Banking Circle is removing the need for DynaPay to have a physical presence in each country in which its customers operate, yet delivers payment costs comparable to those of local banks in the region. As DynaPay has found it is a game-changer to enhance their customer proposition, delivering faster and more cost-effective international payments for their business customers as well as competitive FX rates.
“The DynaPay platform’s collaborative approach allows our clients to expand their services and markets across Europe,” commented Konstantin Zaripov, Managing Director of DynaPay. “We work with several carefully selected partners within the payments ecosystem to ensure we deliver the best possible solutions for our clients.
“Banking Circle allows us to deliver transparent fees and competitive FX rates to help our SME clients transact globally in various currencies. Payments with Banking Circle are quick and secure, which means we can expand our payment capabilities and add value to our offering.”
Anders la Cour, co-founder and Chief Executive Officer of Banking Circle added: “Our mission at Banking Circle is to tackle the legacy of high cost and slow international payments and DynaPay is another business that has seen the value we can add to their proposition.
“Like Banking Circle, DynaPay’s sights are set firmly on the goal of industry-wide collaboration and the benefits it brings. Through Banking Circle Virtual IBAN, DynaPay is able to enhance the service it provides to its corporate clients, helping them to reach their global potential without the usual high cost and long transfer times of cross border payments and FX holding them back.”
DynaPay is a Payment Facilitator approved by both Visa and Mastercard, offering Payment Accounts with dedicated IBANs for corporate clients and online payment acceptance for EU based merchants. Utilising the multi-award-winning, multi-currency banking solution, Banking Circle Virtual IBAN, DynaPay is increasing the currencies available to its corporate clients and reducing the cost of FX.
Banking Circle Virtual IBAN gives financial institutions such as DynaPay the ability to issue multicurrency IBANs in their customer’s name and in multiple jurisdictions. Because this enables merchants to make and accept cross border payments in different currencies, in a way that traditional banks would simply not facilitate due to risk and legacy systems limitations, Banking Circle Virtual IBAN is a genuine game-changer for the payments marketplace.
Its 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. Banking Circle also offers 12 local payment channels across Eastern Europe & Nordics, instant payment notifications and treasury management. Based on McKinsey analysis of the e-commerce marketplace, Banking Circle processes 10% of the world’s B2C e-commerce payments; 250,000 payments a day which equates to 7.5 million payments a month.