PayAlly selects Banking Circle to boost cross border payments service

By Megha Bhattacharya

PayAlly, the fully integrated payments ecosystem for SMEs, has selected Banking Circle solutions to improve its multi-currency B2B cross border payments services. The new partnership gives PayAlly access to a wider choice of payment rails through the Banking Circle banking network, thereby improving the speed and cost of international payments for its e-commerce customers.

“At PayAlly we strive to help smaller businesses and individuals by providing them with quicker and more reliable payments. Working with Banking Circle, which offers us additional routes for international payments, we are able to improve our ability to execute B2B cross border payments in various currencies more quickly, efficiently and smoothly than we were previously able to do. As a result our clients can send and receive funds much faster and with less hassle and that is good news for their cashflow and profitability.”

London-based PayAlly serves over 1,000 corporate clients around the world and delivers accounts, payments, prepaid cards, Foreign Exchange (FX) and factoring, alongside value-added solutions including supply chain Customer Management System, accounting and E-invoicing.

“With its mission to provide customer-centric solutions that break down barriers to international payments and increase SME financial inclusion, PayAlly’s ethos is very closely aligned to ours”, added Anders la Cour, co-founder and Chief Executive Officer at Banking Circle. “Working together, we can help PayAlly’s e-commerce clients expand internationally without the high cost and slow transfer fees that could otherwise hold them back.”

Recently, Banking Circle 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.