Payment Service Providers primed to ‘Bank Their Merchants’
To date, most of the players trying to disrupt the payments space have been consumer-facing. A number of well-known tech companies have been disrupting the way in which international payments are processed in the B2C and P2P arenas; however, as yet, organisations exclusively targeting B2B have been slow to fully explore the benefits of these innovations.
A huge barrier for organisations looking to move away from the traditional banking model for international payments, which adds significant cost and time to transactions, is security. In addition to this, FinTech businesses also often struggle with meeting the compliance requirements of the banks.
It seems that whatever established financial institutions lacked in innovation, they made up for in security and compliance. In the B2B international payments sector, there was a huge gap to be filled. This is where Banking Circle comes in.
Merchants who have previously been at the mercy of complex payments processes can now join Banking Circle through their Payment Service Providers, card acquirers, Alternative Payment Method providers, FX Payment providers and Payment Gateways; enabling them to access a global payments platform capable of making international payments in real-time, at a low cost.
The Banking Circle is enabling merchants to extend their value chain and free themselves from the challenges presented by payments when expanding their offering globally. By removing the barriers of traditional transaction methods, which can involve five or six parties to process the payment, the merchant can make these transactions within the Banking Circle in seconds rather than days. In addition to this, merchants can send or receive funds to non-members at a low rate and receive cross border transfers without a landing fee.
Banking Circle is built on a secure Oracle platform and is regulated; meaning that our members can make cross border payments safe in the knowledge that their customer and supplier payments are made quickly, and securely.
To find out more, contact us today.