Through the partnership, PayAlly will be able access a wider range of payment channels via the Banking Circle super-correspondent banking network. This should help with improving the speed and lowering the cost of cross-border payments for PayAlly’s digital commerce clients.
With the goal of halving the cost of acquiring and payments for digital commerce SMEs, PayAlly offers accounts, payments, prepaid cards, Foreign Exchange (FX) and factoring, along with various value-added solutions such as supply chain Customer Management System, accounting and E-invoicing.
PayAlly says it is focused on providing a personal service for every client.
Rafal Andzejevsky, PayAlly Co-Founder and CEO, stated:
“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-headquartered PayAlly currently serves more than 1,000 corporate clients across the globe. The company will now be using Banking Circle’s tech to manage its international payments and FX requirements.
As previously reported, Banking Circle supports domestic B2B payments and collections across countries and is focused on eliminating the requirement for maintaining a physical presence or a relationship with a correspondent bank in that region.
PayAlly may now provide accounts to business clients in several different jurisdictions, allowing them to access a reliable and flexible international payment system (previously only accessible via large banks).
Anders la Cour, Co-founder and CEO at Banking Circle, stated:
“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. 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.”