PayAlly Taps Banking Circle to Enhance Its B2B Cross Border Payments Servicesby Fintechnews Switzerland June 7, 2021
PayAlly, a London-based fully integrated payments ecosystem for SMEs, has selected global financial infrastructure provider Banking Circle‘s solutions to improve its multi-currency B2B cross border payments services.
In particular, the new partnership gives PayAlly access to a wider choice of payment rails through the Banking Circle super-correspondent banking network, thereby improving the speed and cost of international payments for its e-commerce customers.
With the aim of halving the cost of acquiring and payments for e-commerce SMEs, PayAlly delivers accounts, payments, prepaid cards, Foreign Exchange (FX) and factoring, alongside value-added solutions including supply chain Customer Management System, accounting and E-invoicing.
PayAlly serves over 1,000 corporate clients around the world and is now using Banking Circle to manage the cross border payments and FX requirements of these clients.
Banking Circle enables local B2B payments and collections across borders and eliminates the need for a physical presence or a relationship with a correspondent bank in that region.
PayAlly can issue accounts to business customers, in multiple jurisdictions, giving them access to a reliable and fully flexible cross border payment system previously only accessible through larger banking institutions.
Rafal Andzejevski, PayAlly Co-Founder & CEO explained:
“Working with Banking Circle, which offers us additional routes for international payments, we are able to improve our ability to execute B2B cross border payments in various currencies more quickly, efficiently and smoothly than we were previously able to do.
As a result our clients can send and receive funds much faster and with less hassle and that is good news for their cashflow and profitability.”
Anders la Cour, Co-Founder and Chief Executive Officer at Banking Circle added,
“With its mission to provide customer-centric solutions that break down barriers to international payments and increase SME financial inclusion, PayAlly’s ethos is very closely aligned to ours.
Working together, we can help PayAlly’s e-commerce clients expand internationally without the high cost and slow transfer fees that could otherwise hold them back.”