Banking Circle Receivables Factoring gives PSPs added value service for merchants
London, September 2018 – Banking Circle, the global scale financial utility, has launched Banking Circle Receivables Factoring giving Payment Services Providers (PSPs) and FinTechs another add value for their client offering. Through this new lending solution, PSPs can now offer their merchant customers the facility of instant settlement of receivables due, without waiting for settlement cycles or invoice due dates.
As a next-generation provider of mission-critical banking infrastructure – from payments to lending – Banking Circle is providing PSPs with the tools to offer their customers a unique solution to the age-old business problem, that of managing cashflow. With Banking Circle Receivables Factoring, a lending decision is made instantly, online, enabling the merchant to receive payment immediately. And once the merchant’s debt has been settled, repayment is made directly to Banking Circle, into a dedicated account in the name of the merchant. This means the PSP can offer its merchants a seamless and streamlined service, without having to take any of the risk. The merchant also benefits from a confidential solution.
Anders la Cour, co-founder and Chief Executive Officer of Banking Circle commented, “With settlement cycles of up to 90 days on some invoices, merchants can be out of pocket for up to three months after dispatching goods to a customer. This can cause potentially serious problems with paying suppliers, employees and landlords.
“For SMEs trading online, long payment cycles can therefore be a stumbling block and severely limit a merchant’s potential for growth as it cannot remain competitive in the digital market. Through Banking Circle Receivables Factoring, PSPs can offer merchants instant settlement of payments due, without them having to wait for the buyer or marketplace to pay.
“Through Banking Circle, PSPs can ensure the merchant receives their payment instantly, keeping cash flowing and the business competitive.”
END
About Banking Circle
In 2013 Saxo Bank formed a new entity, Saxo Payments A/S, with the purpose of using Saxo Bank’s core capabilities within the non-cash payments market. In October 2015 the company launched the Banking Circle – its groundbreaking product for payments and FX to the Financial Tech industry. In October 2017, the company launched its new identity for the Banking Circle, to reflect its position as a financial utility within core banking.
Domiciled in the European Union, Saxo Payments specialises in providing global payment account transactions and foreign exchange services to financial institutions, including FinTechs, banks, acquirers, payment service providers, FX brokers, money transfer businesses, e-wallets, and alternative payment providers. Saxo Payments is a Saxo Group company.
For further information and interviews please contact the Banking Circle Press Office:
Wendy Harrison/Lucy Wright – Harrison Sadler
T: 0208 977 9132
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© 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.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
