Banking Circle joins P27 Nordic payment initiative

By Megha Bhattacharya

Financial infrastructure provider Banking Circle has joined the P27 Nordic payment initiative as a front-runner bank in creating bulk-clearing for the Danish Krone. P27 is an initiative between several leading banks that all share a common goal to create the world’s first digital platform through which businesses and consumers can make real-time, domestic and cross border payments.

Anders la Cour, co-founder and Chief Executive Officer of Banking Circle commented, “At Banking Circle we have a vision to offer a global financial infrastructure to Payments businesses and Banks serving the e-commerce marketplace that is simple, fast and low cost. We are already heavily committed to achieving this goal having secured our Banking Licence in 2019 and with sustained investment in integrating a vast network of local clearing and payments schemes.

“Our membership of P27 means we are tackling another region in the global economy. Banking Circle is already an active member in the Nordic community and a member of the Nordic Payments Council. Joining P27 was, therefore, the next natural step for us. As part of this initiative we will be able to provide our Bank and Payments business partners with the ability to offer their customers faster, easier and lower cost payments to and from the region.”

Recently, DynaPay announced that it has selected payments specialist Banking Circle for delivering secure payment solutions for SMEs transacting globally and in multiple currencies. The company will be providing DynaPay with Virtual IBAN accounts to enable local payments and collections across borders. The FinTech’s Virtual IBAN gives financial institutions such as DynaPay the ability to issue multicurrency IBANs in their customer’s name and in multiple jurisdictions.

Martin Georgzén, Chief Strategy Officer and Head of Business Execution of P27 added: “P27 is an extension of the Nordic tradition of technological innovation and cooperation seen across industries including banking. We are connecting our collective resources, competence, and ambition to create a platform that really will transform payments for everyone in the region. By aligning our standards with this of the Single Euro Payments Area (SEPA), P27 will bring further harmonisation to the overall European payments landscape.

“Joining the P27 partnership, Banking Circle is demonstrating its commitment to supporting new development in the payment space that is for the good of the region as a whole. Banking Circle shares our vision for better payments provision, and we look forward to working together on the journey towards making cross border payments as easy as sending a text message.”