Banking Circle has been named as a Gold winner in the Juniper Research Future Digital Award for Payment Innovation: Best B2B Payment Platform. Banking Circle is a next-generation provider of financial services infrastructure that is leading the rise of a super-correspondent banking network and increasing financial inclusion.
Juniper Research has been delivering thought leadership and analysis in the Fintech and Payment industries for more than a decade, covering topics ranging from Blockchain and Banking Automation to Contactless Payments and Mobile Wallets. The primary objective of the Future Digital Awards is to identify and recognise companies that have excelled in their respective fields.
Anders la Cour, co-founder and Chief Executive Officer of Banking Circle said of the win: “Juniper Research is an influential organisation in our industry, and for them to present us with a Gold Award recognising our achievements in payment innovation is a great honour. Our team has worked hard to build and continually develop a platform which delivers what businesses need to empower international trade.
“Banking Circle Virtual IBAN allows businesses to send and receive payments anywhere in the world at a low cost and in real-time, eliminating the reliance on multiple banking relationships in different territories. This is providing easier access to cross border payments for even the smallest business, increasing financial inclusion for SMEs around the world.”
With full transaction transparency, through Banking Circle Virtual IBAN payments acceptance is improved, errors reduced, and screening, reconciliation and settlement times are dramatically reduced. Banking Circle Virtual IBAN handles 1.5m transactions each month, and 2.5m Virtual IBANs having been issued to 100 institutional clients, allowing them to automate their reconciliation processes, reducing operational headcount and cutting costs.
The use cases for Banking Circle Virtual IBAN have increased significantly since launch. Initially starting as a means for supporting cross border payments for FX and payments businesses it has now been modified to support prepaid card issuing, marketplaces and marketplace sellers, InsurTech, FinTech banking providers, payroll, and invoice discounting with many more to follow.