Banking Circle and HIPS team up to boost customer payment experience

By Megha Bhattacharya

Banking Circle and mobile payment solutions provider HIPS Payment Group announced a partnership for enabling the latter to offer payment settlement with domestic payment rails. This will equip HIPS to provide simplified payments for its global merchant base with users able to purchase goods or services in their own currency. The two companies are collaborating to mitigate the need for bureaucratic systems and legacy tech.

“With this important partnership, Hips can easily provide our payment product solutions globally as Banking Circle allows us to offer instant currency conversion, providing our customers with a means to purchase any items or services in their own currency,” says John Cavebring, CEO of Hips. “This partnership strengthens our global leadership in simplifying payment processing for a business of any size.”

According to Banking Circle, Hips will leverage its infrastructure to send payouts to merchants at low cost. Hips provides a range of payment product solutions in terms of technical offerings, commercial savings and shorter go-to-market timelines for any bank or FinTech startup, regardless of size.

Recently, local payments infrastructure provider PPRO teamed up with Banking Circle with an aim to enhance the former’s service offering, thus supporting PSPs working with cross border e-commerce merchants. According to PPRO, the collaboration will enable it to leverage Banking Circle’s accounts in multiple currencies and gaining access to various local clearing methods in just one solution. PPRO will be able to simplify internal processes as well as receive and make payments quickly.

Anders la Cour, co-founder and Chief Executive Officer of Banking Circle added: “We are delighted to be working with Hips, as our collaborative technologies will further enable Payments businesses to seize more opportunities in the new economy. Our partnership provides modern and efficient methods of international payments and settlements and FX, underpinned by strong compliance enabling Hips to add value to its service proposition.”