This collaboration promises to create added value for Online Payment Platform customers by boosting the speed in accounts settlement and reducing delays impacting cashflow.

This will be done by leveraging Banking Circle's accounts available in 25 currencies to gain access to various local clearing methods via one single solution and facilitate real-time, cheaper and more organised payments.

Banking Circle, which serves over 170 marketplaces, has ambitious plans for more currencies and its solutions are available globally through SWIFT, Faster Payments, CHAPS, SEPA and local clearing. Banking Circle also provides a virtual IBAN solution that supports accounts reconciliation in multiple jurisdictions.

According to Anders la Cour, CEO of Banking Circle, this solution will maximise the profit of merchants by bypassing excessive foreign exchange costs and technicalities and will phase out the need for physical interactions while increasing the geographic footprint of Online Payment Platform as well as that of its customers across borders.