Swiss financial services provider, Igson Capital AG, is enhancing its IBAN offer for firms by working in partnership with technology-first payments bank, Banking Circle.
Utilizing Banking Circle Virtual IBAN, Igson Capital AG will also aim to “benefit from Faster Payments and SEPA instant transfers and global SWIFT infrastructure.”
With head offices in Zug, Switzerland, Igson Capital AG delivers “a range of solutions to its business customers, including multicurrency accounts, payments-on-behalf-of (POBO) and a broad scope of currencies exchange.”
Jarosław Lejko, CEO of Igson Capital AG, stated:
“Our mission is to provide our business customers with access to European financial services infrastructure through the Swiss hub in a flexible and reliable way.To achieve this we needed to increase the reliability of our banking infrastructure, especially for the B2B multicurrency accounts and Banking Circle is the perfect partner, offering the range of currencies and scope and quality of services we needed.”
Anders la Cour, CEO of Banking Circle Group, added:
“We look forward to working in partnership with Igson Capital to further enhance and broaden their offering in the future.”
As covered recently, Banking Circle noted that big bank de-risking is “significantly hampering the efforts of many financial institutions to deliver services that empower financial inclusion.”
The primary cause appears to be “the risk-averse strategies adopted in response to the financial crisis of 2008 and subsequent money laundering fines imposed on several big banks.”
Although the large banks have been forced to protect themselves, their actions are leaving many smaller banks and non-bank financial institutions (NBFIs) “without correspondent banking partners.”
And this means they are “unable to access fair and affordable international banking solutions, the consequence of which is that already financially vulnerable society and businesses are further excluded and put at a greater disadvantage than ever.”
Banking Circle reportedly surveyed 700 Cash Managers and Corporate Treasurers in the United Kingdom, Northern and Southern Europe.
You may learn more their findings here.