Banking Circle maintains ambitious growth trajectory in 2021

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Uplift in transactions to EUR 267 billion run-rate annual
payment volumes

www.bankingcircle.com

Luxembourg, 10th May 2022 – Banking Circle, the Payments Bank for the new economy is reporting a significant uplift in its performance in 2021 as it continues to help Payments businesses, Banks and Marketplaces access global cross-border payments, accounts and liquidity management that enables their business customers to transact more efficiently both locally and internationally.

Key achievements include:

  • More than 200 financial institutions now utilising Banking Circle’s capabilities in Europe
  • Over 13 million Virtual IBAN accounts have now been issued to institutional clients
  • Settling 6% of European B2C e-commerce flow
  • EUR 267 billion run-rate annual payment volumes and 110 million annual bank transfers
  • 20 million monthly transactions expected by end 2022

With its Banking Licence giving it a significant edge in enabling Payments companies and Banks to deliver fast and cost-effective cross-border payments, Banking Circle has also capitalised on its migration to the cloud – completed in 2021 – to respond to customer demands without the delays inherent in legacy technology. Settling 6% of Europe’s B2C e-commerce flow, the Bank is on course to expand its operations in the USA and Asia in 2022.

Laust Bertelsen, Chief Executive Officer of the Payments Bank confirmed that 2021 was a pivotal year: “We have remained focused on achieving our core mission of reducing the cost and time of cross-border payments through the creation of one super correspondent banking network. Supporting this ambition, there was a significant increase in our Engineering and Developer headcount. We have also sustained investment in the use of AI to enhance the effectiveness of the AML processes applied to the transactions we handle on behalf of our clients.”

Banking Circle now delivers access to 15 local clearing schemes through a combination of direct clearing and partner banks, enabling cross-border payments in 25 currencies.  2021 saw Banking Circle add the DKK to its direct clearing currencies. It also partnered with SIA, a leading European hi-tech company in payment services and infrastructures, to launch its new instant payments service in Europe connecting to the TARGET Instant Payment Settlement (TIPS) service of the Eurosystem.

Anders la Cour, Chief Executive Officer of Banking Circle Group added:  “We have also responded to the massive acceleration in digitalisation of financial services prompted by the pandemic with the building of an ecosystem of affiliate companies, with the Bank at the centre.

“From global cross-border payments, accounts and liquidity management and revenue based financing to business payments and card issuing, B2B Buy Now Pay Later and account-to-account payment methods, the ecosystem is delivering modern aged financial solutions to some of the largest and most successful companies around the world as they accelerate digitisation of their customer and supply-chain.”

END

About Banking Circle S.A. 

Banking Circle S.A. is the Payments Bank for the new economy. As a fully licenced bank, free of legacy systems, Banking Circle enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost.

Banking Circle S.A. is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver fast, low cost payments with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market leading compliance and security.

Through bespoke, flexible, scalable and futureproof solutions Banking Circle S.A. is enabling financial institutions to help their customers transact across borders in a way that was previously not possible.

Headquartered in Luxembourg, Banking Circle S.A. has offices in London, Munich and Copenhagen.

Banking Circle S.A. is an affiliate company in the Banking Circle Group ecosystem which serves payment companies, banks, global marketplaces and online merchants through a rich set of complementary eCommerce solutions. These include global cross-border payments, accounts and liquidity management, revenue based financing, business payments & card issuing, B2B Buy Now Pay Later and account-to-account payment methods.

Banking Circle Group is owned by EQT VIII and EQT Ventures, in partnership with Banking Circle S.A.’s founders. The Group entities have offices in Amsterdam, Copenhagen, London, Luxemburg, Munich, Singapore and Stamford, Connecticut.

Article by Banking Circle

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