Banking Circle to boost marketplace offering for Online Payment Platform

By Megha Bhattacharya

Netherlands-based payment service provider Online Payment Platform today selected Banking Circle in a bid to boost its marketplace offering. The payments platform is using Banking Circle’s accounts in multiple currencies to gain access to various local clearing methods in just one solution. The partnership also allows the platform to receive and make payments faster and cheaper as well as enhance internal processes. It is using Banking Circle’s unique Virtual IBAN solution for accounts reconciliation.

Maurice Jongmans, CEO, Online Payment Platform explained, “The marketplaces we support are dealing with thousands of merchants who are making and receiving numerous payments every day, to and from multiple countries and in multiple currencies. It is critical, therefore, that funds from acquirers can be paid out to marketplace sellers as quickly as possible and that the merchants’ profits aren’t undermined by fees or FX costs. By working with Banking Circle we are capitalising on its ‘real-time’ payments proposition which cuts out cost and time.”

Banking Circle’s solutions are currently available to Payments businesses in 25 currencies with more currencies and local capabilities planned. Available via API, Web and SWIFT, the solutions can be accessed by new and existing Banking Circle clients, with a connected or unconnected BIC required by the Payments business.

Anders la Cour, Chief Executive Officer of Banking Circle added, “Online Payment Platform has ambitious growth plans and we are delighted to be able to support these, both in terms of their plans to grow their geographic footprint and in the added value services they can provide.

“We have built a solution that allows businesses like Online Payment Platform to give their marketplace customers access to transparent, local payments and collections across borders, without the need for a physical presence or a relationship with a correspondent bank in that region. And that means increased speed of settlement as well as reduced cost.”

Recently, Banking Circle announced that it is now cloud-based with its infrastructure hosted within Microsoft Azure. The company’s cross border payments platform has been built in-house and is based on microservices. It aims to deliver better payment processing times while providing clients with real-time insight into the status of their payments.