A unique solution for Financial Tech businesses who support online marketplaces
Banking Circle Marketplaces is a unique new proposition that supports Financial Tech businesses who are servicing online marketplaces and their sellers helping them with regulatory changes under PSD2 and giving them the ability to give marketplace sellers local IBANs.
Helping Financial Tech business resolve PSD2 compliance for Marketplaces
Changes brought about under the latest Payment Services Directive, PSD2, bring an end to online marketplaces being exempt from payments regulations. For marketplaces to remain exempt, the flow of funds must bypass the marketplace.
To meet this new need, Banking Circle has launched Banking Circle Marketplaces, a solution that enables Financial Tech businesses to accept payments from marketplace buyers into a virtual IBAN account in the name of the marketplace seller and settle the funds back to the seller’s house account in the currency of their choice.
Enhancing the value proposition for Financial Tech businesses targeting Marketplace Sellers
Online sellers join marketplaces to get instant access to global markets. Some marketplaces require their sellers to have local currency accounts in the country they are receiving funds from. Addressing this issue, Banking Circle Marketplaces provides sellers with the local IBANs they wish to sell to – typically GBP, EUR and USD – that are in the seller’s name.
Benefits of Banking Circle Marketplaces:
- Financial Tech businesses can assist with regulatory changes under PSD2 for their marketplace customers
- Banking Circle provides a set of master accounts to the Financial Tech business to ensure end-to-end transparency and clear segregation of funds for each marketplace
- Financial Tech businesses can open multi-currency accounts for online marketplace sellers in 25+ currencies
- IBAN accounts can be opened in the name of the Financial Tech business or the seller