The Banking Circle group has welcomed German outfit SEPAexpress on its platform Photo: Matic Zorman

The Banking Circle group has welcomed German outfit SEPAexpress on its platform Photo: Matic Zorman

SEPAexpress, a German financial technology outfit, has joined the Luxembourg Banking Circle financial infrastructure, both companies announced on Tuesday.

Banking Circle is a financial technology platform for global commerce, working with companies, banks, marketplaces and online merchants to digitalise customer and supply chain interactions.

The group, with payment flows of more than €200bn, includes separate companies affiliated with the platform and across different regulatory regimes. SEPAexpress is the latest to join this network.

The account-to-account payments provider specialises in direct debit. “Direct debit has prevailed on the German market and can position itself in Europe as an alternative to the credit card,” the fintech says on its website. “The integration of SEPAexpress enables our customers to process direct debits faster, cheaper and with less risk. Therefore, a product established on the German market for many years, is recreated and led into the future.”

The company hopes to leverage the network of more than 200 payment businesses, banks and marketplaces already connected to the Banking Circle.

“By joining the Banking Circle ecosystem, we will be able to capitalise on the established infrastructure and financial resources to realise our vision of extending our services across Europe", said Franz Guttenberger, CEO of SEPAexpress in a statement. "Businesses across the region need to be able to focus on their customer propositions and, by utilising our services, they don’t need to worry about the payment process.”

SEPAexpress will continue operating autonomousy and is aiming for triple digit growth in 2022, the statement said. Account-to-account payments are predicted to make up more than 20% of e-commerce transactions in Europe by 2023.

“The quality and simplicity of the solutions from SEPAexpress are without compare in the industry”, said Anders la Cour, CEO of Banking Circle Group. “Its suite of offerings is a natural fit with the Banking Circle ecosystem, and we’re excited to have the company on board to serve the ever-growing payment needs of businesses worldwide.”