Future of Payments
January 22, 2025
Banking Circle, the innovative financial infrastructure provider, has enhanced the tools available to Payments businesses for their marketplace customers. Payments businesses can now offer their marketplace sellers virtual IBANs to collect the proceeds of their online Amazon store in the United States.
Regardless of whether a seller has a USD account in their home country, Amazon and the majority of other marketplaces pay in the currency of the bank account’s country. For example if a UK seller has a USD account based in the UK, Amazon automatically converts the payment to GBP as the account is in the UK. And Amazon traditionally charges 3.9% of a transaction value when sending an international payment, eating into a seller’s profits.
At a time when online merchants need all the support they can get to retain profitability, Banking Circle has addressed this challenge, giving Payments businesses an important added value for their clients.
Using Banking Circle Virtual IBAN, Payments businesses’ merchants are allocated US bank details, allowing Amazon to pay in USD and via their ACH payment corridor (the US version of SPayments Association and BACS). This allows merchants to sell internationally and take control of the foreign exchange and payment method of their store income.
The addition of USD to Banking Circle Virtual IBAN enhances the service Payments businesses can offer their merchants:
As a multi-currency, multi-jurisdictional banking solution Banking Circle Virtual IBAN negates the need to have several banking relationships and enables FX and Payments businesses to give their customers their own virtual IBANs. With full transaction transparency, payments acceptance and screening time are reduced. Banking Circle Virtual IBAN also reduces the likelihood of errors in processing cross border payments. Plus reconciliation and settlement times are improved, helping FX and Payments businesses improve the customer experience. End-to-end transparency also reduces AML and KYC risk.
Ends
About Banking Circle
Banking Circle is a financial infrastructure provider to Payments businesses and Banks. As a fully licensed bank, free of legacy systems, Banking Circle technology enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost and in line with high standards of compliance and security – with direct access to clearing that bypasses old, bureaucratic and expensive systems.
Banking Circle solutions are increasing financial inclusion. From accounts to lending, international payments to settlements and FX to compliance, Banking Circle technology is helping thousands of businesses transact across borders in a way that was previously not possible.
Banking Circle is owned by EQT VIII and EQT Ventures in partnership with Banking Circle’s founders. Headquartered in Luxembourg, Banking Circle has offices in London, Munich, Amsterdam and Copenhagen.
For further information and interviews please contact the Banking Circle Press Office:
Wendy Harrison – Harrison Sadler
T: 0208 977 9132
The Payments Association
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© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
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