Banking Circle and Safenetpay to enhance cross border payments

By Megha Bhattacharya

Business payment solution provider Safenetpay has teamed up with payments specialist Banking Circle to enhance its cross border payment offering. Safenetpay will utilise Banking Circle’s multi-currency accounts, SEPA and SWIFT transactions solutions and foreign exchange (FX) capabilities. The partnership will enable customers to access additional currencies, competitive FX rates and quick, reliable transactions within SEPA.

Sanjar Mavlyanov, CEO and founder of Safenetpay, commented, “Our ambition has always been to provide businesses with faster, easier access to banking and payment solutions both locally and cross border. Banking Circle shares that vision and our new collaboration will add value to the Safenetpay offering by allowing us to provide a wider range of options and currencies than we could with our previous partner.

“We can now give our customers the benefit of faster, less complex payments as well as access to more products, immediate FX and additional currencies including USD and CHF. The ability to accept payments and hold funds in more currencies is a vital part of our business plans, helping us serve a wider range of small businesses regardless of where they or their customers are based.”

The partnership is expected to serve a wider range of customers, whilst providing additional support to existing customers looking to expand into new markets. Safenetpay is an Electronic Money Institution, authorised by the UK FCA, which provides a one-stop solution for business payment needs. Safenetpay provides its customers, mainly UK SMEs, with a single platform that offers multi-currency accounts, competitive FX rates, card payment processing and merchant accounts.

Anders la Cour, co-founder and Chief Executive Officer of Banking Circle added, “Most Safenetpay customers are SMEs – a group that we know often struggle with the impact of financial exclusion. Payments are traditionally too slow and too expensive, especially across borders, and that can hold small businesses back from achieving their global potential. In collaboration with Banking Circle, Safenetpay can now provide SMEs with access to international markets without the costly delays caused by traditional cross border payments and FX. Instead, businesses can focus on delivering the products and services their customers need.”