Offering prepaid solutions to businesses for over 15 years, Financial Conduct Authority (FCA) approved B4B Payments enables companies to effectively manage their finances, which helps with greatly simplifying payroll, reimbursements, and also provides worker rewards and special incentives.
As a key player in Fintech and prepaid business payments and voted the Best Prepaid Product of the Year in 2019, the new partnership with Banking Circle should allow B4B Payments to provide innovative, flexible, and time-saving services that streamline and eliminate outdated finance and accounting processes. At first, Banking Circle will be offering virtual IBAN accounts for B4B customers along with safeguarding services.
Banking Circle Virtual IBAN offers financial service providers like B4B the option to issue virtual IBANs in their clients’ names in a manner that regular banks would not facilitate because of the associated risk and the limitations of legacy systems. It’s a real game-changer for the payments marketplace, the announcement noted.
The vision or goal of the two companies’ collaboration includes leveraging Banking Circle’s multi-currency accounts, SEPA and SWIFT transactions products and foreign exchange (FX) features. By making payments “feel local,” Banking Circle will aim to remove the requirement for B4B to maintain a physical presence in every country in which its clients operate, yet still be able to provide payment costs that are comparable to those of local banks.
Paul Swinton, CEO and Co-founder at B4B CEO, stated:
“Banking Circle is changing the dynamics of the global payments ecosystem. It is doing the heavy lifting for businesses like ours by establishing a super-correspondent banking network that will deliver fast and cost-effective solutions for our clients. We therefore see our partnership as integral to our ambitious development plans.”
Anders la Cour, Co-founder and CEO at Banking Circle remarked:
“The diverse customer base of B4B requires flexibility and adaptability to serve their needs and we are delighted to be able to provide payments infrastructure to underpin that service. Our mission at Banking Circle is to tackle the legacy of high cost and slow international payments and B4B is another business that has seen the value we can add to their proposition.”