Full-service payment service provider (PSP) of local digital payment solutions, Paymaster24, has reportedly chosen Banking Circle in order to improve its existing service proposition for merchants. Importantly, the collaboration with Banking Circle should assist Paymaster24 with speeding up payments while offering additional currencies to its merchant clients.
As noted in the update, Paymaster24 is an international, multi-channel payment gateway offering digital businesses of all sizes with a single, comprehensive solution for collecting and distributing domestic payments through several different payment channels.
These payment channels/options include credit and debit cards, online and offline bank transfers, digital or e-wallets, pre-paid cards, and various other alternative payment methods. Working with Banking Circle and utilizing the licensed bank’s B2B payments platform for SEPA and cross-border transfers, the PSP is enhancing the user experience by streamlining cross-border transactions.
Avet Mnatsakanyan, Managing Director of Paymaster24, stated:
“Working with Banking Circle enables us to rapidly expand the Paymaster24 banking network. We can send and receive cross border payments to and from our merchant customers worldwide much more quickly and at lower cost. Importantly, Banking Circle’s reputation and robust security made it the best partner to help us add value to our offering and provide our merchants with the most efficient and cost-effective cross border payment solution.”
Banking Circle’s purpose-built, Cloud-native, international payments platform offers greater speed and functionality, and “a more intuitive user experience for PSPs, FinTechs and Banks which, in turn, enhances the proposition for their customers,” the announcement explained while adding that the innovative platform offers “best-in-class payment processing times and gives clients real-time insight on the status of their payments.”
Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle, remarked:
“As a technology led bank, Banking Circle is wholly focused on delivering a payments solution that will enhance the customer propositions of financial institutions like Paymaster24 by streamlining the payments proposition and breaking down barriers to international trade.”
Anders added:
“Paymaster24 shares our vision for increasing accessibility of cross border payments to help merchants increase their international market share. Enabling merchants to offer their customers the ability to pay with their preferred payment method and in a local currency is a significant step in this journey. We look forward to working closely with Paymaster24 to continue developing bespoke solutions to meet the needs of their customers and add value to their proposition.”
