Banking Circle: The Next Edge of Banking Solutions
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Michel André, CIO
“Longevity in business is about being able to reinvent yourself” — Satya Nadella, CEO of Microsoft Corporation.
Every business, irrespective of its size, needs to evolve and reinvent itself in order to maintain customers, grow, and climb to the top of the success ladder. In today’s digitalised environment, organisations are particularly well-equipped to do so.
However, despite the potential, there are still a number of businesses, especially in the Payments and Banking landscape, who are unable to develop their services and propositions. This is primarily due to legacy infrastructure holding them back. These outdated processes and technologies make business operations slower and more expensive. And mean that businesses are unable to support their customers with new market solutions, hindering their ability to grow globally. Founded in 2016, Banking Circle is a fully licensed bank which delivers the infrastructure to give financial institutions faster, more efficient ways to provide banking services—such as payments, accounts and lending—to their clients.
With Banking Circle by their side, banks and payment providers have access to a complete suite of compliant and secure financial infrastructure services and technologies, that integrate seamlessly into their workflows via the Banking Circle API-based platform, at a low cost. This takes away the need for Payment businesses and Banks to build and maintain costly infrastructure.
As we do the heavy lifting of building and maintaining the banking infrastructure, our clients can focus on fostering a positive customer relationship to grow their business
Put simply by Michel André, the CIO of Banking Circle: “As we do the heavy lifting of building and maintaining the banking infrastructure, our clients can focus on fostering a positive customer relationship to grow their business.”
As André highlights, businesses and individuals always prefer to pay in their local currency, and consequently financial institutions need to support multi-currency conversion. To help these organisations, Banking Circle’s financial infrastructure provides access to real-time cross border and SEPA payments, as well as virtual IBAN accounts and bank accounts. Additionally, the provision of cross border payments provided by Banking Circle contributes significantly to increasing the ease, speed, and clarity of payments while reducing their cost and facilitating internal reconciliation.
Moreover, through its pre-validation and onboarding, ongoing due diligence, transactions monitoring, sanctions screening and event-driven reviews, Banking Circle clients benefit from security and risk management. This compliant operating model is delivered via two channels, its data platform which is free of legacy and ensures full transparency and control, and its AI predictive models which go above and beyond what normal rule-based systems deliver.
Citing one of Banking Circle’s successful case studies, André shares the story of Paysafe Group, a multinational online payment company. Paysafe needed to make provisions for accepting and processing card payments from all over the world for its global customers. While traditionally, this would have been a slow and expensive process, Banking Circle, was able to offer Paysafe an advanced fully compliant banking solution that was capable of processing card payments in any currency faster and more cost-effectively.
With a similar zeal to deliver the best and stay ahead of the curve, Banking Circle regularly conducts wide-ranging research, where the company closely interacts with its clients and the wider industry to understand current pain points and help inform and develop industry strategy. This research enables the company to develop creative solutions that relate to current trends and that help to continue to drive innovation within the sector.
As a result of the business excellence displayed by Banking Circle, it has been recently granted a banking licence, which means clients, regardless of their location or size, can now access real-time payments to help seize market opportunity and grow the business. This can be achieved without having to commit to significant investment. “Put simply, Banking Circle is bringing innovation that supports financial companies of all sizes better. This is the measure of our success,” concludes André.