By leveraging Banking Circle’s Payments on Behalf of (POBO) and Collections on Behalf of (COBO) services, SnapSwap will see enhancements to settlement times, reconciliation, and transaction processing.
SnapSwap has an established track record in developing all-digital platforms for onboarding and supporting Know-Your-Customer KYC technologies. SnapSwap holds a Principal Mastercard Membership which enables the issuing of credit and debit cards and processing of digital transactions. Its easily accessible SME banking platform, Everest™, facilitates instant account opening and supports online current accounts, multiple credit cards and automated expense management.
Denis Kiselev, CEO at SnapSwap, stated:
“Being an entrepreneur myself, I am all-too aware of the difficulties of setting up companies, opening accounts and getting corporate credit cards. We launched SnapSwap and Everest to support SMEs and start-ups right from day one, providing them with the necessary financial tools to grow their businesses.”
“Our vision is to enable business owners to focus on their products and clients while we take care of the rest, and Banking Circle POBO and COBO provide us with an important component in our financial infrastructure to achieve that goal. It is a modern, automated solution which means our customers benefit from faster, smoother payments and reconciliation. Importantly, the partnership with Banking Circle also means we gain higher scalability opportunities and services that are not available through traditional banks.”
Banking Circle POBO and COBO aim to address the compliance and reconciliation issues typically faced in the international B2B payments ecosystem.
Traditionally, B2B payments were received in the name of the payments business or bank instead of the actual customer. This may lead to reconciliation problems, which then might result in considerable delays in settlement, thus potentially affecting cash flow.
The Banking Circle services aim to address these pain points by allowing financial institutions to provide immediate visibility of the sender’s details when handling B2B transactions, and to obtain funds domestically into accounts in the actual client’s name.
Anders la Cour, co-founder and CEO at Banking Circle, remarked:
“Utilizing Banking Circle’s unique financial infrastructure, POBO and COBO provides SnapSwap with an optimized end-to-end payment solution and visible, Wire Transfer Regulations compliant, payment chain. SnapSwap clients benefit from smoother, faster reconciliation through dedicated multi-currency Virtual IBANs in multiple jurisdictions. Crucially, SnapSwap no longer needs to rely on the slow, costly and outdated correspondent banking network or invest in building its own solution.”