Online Payment Platform, the Netherlands payment service provider, has partnered with payments expert and licensed bank, Banking Circle, to enhance its marketplace offering.
Addressing the challenge of expansion into multiple currencies, Online Payment Platform is using Banking Circle’s accounts in multiple currencies to gain access to various local clearing methods in just one solution.
Maurice Jongmans, CEO, Online Payment Platform stated: “The marketplaces we support are dealing with thousands of merchants who are making and receiving numerous payments every day, to and from multiple countries and in multiple currencies. It is critical, therefore, that funds from acquirers can be paid out to marketplace sellers as quickly as possible and that the merchants’ profits aren’t undermined by fees or FX costs. By working with Banking Circle we are capitalising on its ‘real-time’ payments proposition which cuts out cost and time.”
The collaboration also boosts the firm’s capabilities when it comes to receiving and making payments faster and cheaper as well as enhance internal processes. It is also using Banking Circle’s unique Virtual IBAN solution for accounts reconciliation.
Anders la Cour, Chief Executive Officer of Banking Circle added: “Online Payment Platform has ambitious growth plans and we are delighted to be able to support these, both in terms of their plans to grow their geographic footprint and in the added value services they can provide.
“We have built a solution that allows businesses like Online Payment Platform to give their marketplace customers access to transparent, local payments and collections across borders, without the need for a physical presence or a relationship with a correspondent bank in that region. And that means increased speed of settlement as well as reduced cost.”
Available globally through SWIFT, Faster Payments, CHAPS, SEPA and local clearing, Banking Circle solutions are currently available to Payments businesses in 25 currencies with more currencies and local capabilities planned. Smoother, faster reconciliation is achieved through dedicated multi-currency Virtual IBANs in multiple jurisdictions, delivering improvements across reconciliation, consolidation, risk management, operational efficiency, transaction processing and liquidity management.