Business payment provider cuts the time and cost of payments while adding more currencies
London, 19th April 2021 – One stop business payment solution provider, Safenetpay, has joined forces with ground-breaking payments specialist, Banking Circle, to further enhance its cross border payment offering. Utilising Banking Circle’s multi-currency accounts, SPayments Association and SWIFT transactions solutions and foreign exchange (FX) capabilities, Safenetpay’s business customers can now access additional currencies, competitive FX rates and quick, reliable transactions within SPayments Association.
Safenetpay is an Electronic Money Institution, authorised by the UK FCA, which provides a one stop solution for business payment needs. Safenetpay provides its customers – mainly UK SMEs – with a single platform that offers multi-currency accounts, competitive FX rates, card payment processing and merchant accounts.
Partnering with Banking Circle will allow Safenetpay to serve a wider range of customers, whilst providing additional support to existing customers looking to expand into new markets. Crucially for Safenetpay it can extend its service offering without the usual investment required.
Sanjar Mavlyanov, CEO and founder of Safenetpay, commented: “Our ambition has always been to provide businesses with faster, easier access to banking and payment solutions both locally and cross border. Banking Circle shares that vision and our new collaboration will add value to the Safenetpay offering by allowing us to provide a wider range of options and currencies than we could with our previous partner.
“We can now give our customers the benefit of faster, less complex payments as well as access to more products, immediate FX and additional currencies including USD and CHF. The ability to accept payments and hold funds in more currencies is a vital part of our business plans, helping us serve a wider range of small businesses regardless of where they or their customers are based.”
Anders la Cour, co-founder and Chief Executive Officer of Banking Circle added: “Most Safenetpay customers are SMEs – a group that we know often struggle with the impact of financial exclusion. Payments are traditionally too slow and too expensive, especially across borders, and that can hold small businesses back from achieving their global potential. In collaboration with Banking Circle, Safenetpay can now provide SMEs with access to international markets without the costly delays caused by traditional cross border payments and FX. Instead, businesses can focus on delivering the products and services their customers need.”
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.
About Safenetpay
Safenetpay is a payment institution that provides an all-in-one payment processing, acquiring and business banking service for SMEs, soletraders and freelancers. Safenetpay offers multi-currency business accounts, international payments in over 150 currencies, card processing and merchant accounts.
Safenetpay is an Electronic Money Institution (EMI) authorized by the United Kingdom Financial Conduct Authority (“FCA”) under the Electronic Money Regulations 2011 and Payment Service Regulations 2017 for issuing electronic money and providing payment services.
For more information visit: www.safenetpay.com
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