As confirmed in a release, Online Payment Platform selected payments specialist and licensed bank, Banking Circle, to “enhance its marketplace offering.”
As mentioned in the announcement:
“Online Payment Platform is focused on providing a cost-effective and fast payment solution for over 170 marketplaces such as Nature.house and Marktplaats.nl from the Netherlands and eBay-Kleinanzeigen in Germany. Also they are currently expanding into the UK and France. One of the big challenges sellers using these marketplaces face is the speed of accounts settlement, with delays impacting on cashflow.”
Addressing this issue, Online Payment Platform is leveraging Banking Circle’s accounts in several different currencies in order to gain access to local clearing methods in “just one solution.” This helps Online Payment Platform to handle payments faster and more cost-effectively while improving internal processes. It is also using Banking Circle’s “unique” Virtual IBAN solution for “accounts reconciliation,” the announcement noted.
Maurice Jongmans, CEO, Online Payment Platform, said that the tie-up with Banking Circle will allow the payment service provider to offer a key “added value” to its marketplace clients.
“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.”
Anders la Cour, CEO at Banking Circle, stated:
“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.”
Available globally through SWIFT, Faster Payments, CHAPS, SEPA and local clearing, Banking Circle solutions are now accessible to Payments businesses in 25 different currencies with “more currencies and local capabilities planned,” the release confirmed.
It also mentioned that “smoother, faster reconciliation is achieved through dedicated multi-currency Virtual IBANs in multiple jurisdictions, delivering improvements across reconciliation, consolidation, risk management, operational efficiency, transaction processing and liquidity management.”
Available through API, Web and SWIFT, the solutions may be accessed by Banking Circle clients, with “just a connected or unconnected BIC required by the Payments business,” the announcement noted.