B4B Payments and Banking Circle partner for corporate payments service
With a focus on creating a better payments infrastructure to have an edge over other players, companies have partnered with other firms to cut down on cost and expand their geographical reach.
This week, London based business payments provider, B4B Payments, has selected Luxembourg-based bank and payments infrastructure provider Banking Circle for its corporate banking services.
In the press note, B4B Payments has noted that it has been providing prepaid solutions to businesses for more than 15 years and it enables organisations of any size to manage expenses, simplify payroll, reimbursements, and offer employee rewards and incentives.
The partnership with Banking Circle, according to the press note, will enable B4B Payments to offer innovative, flexible, and time-saving solutions that streamline and eliminate antiquated finance and accounting processes and the Banking Circle will initially provide virtual IBAN accounts for B4B clients.
The Banking Circle Virtual IBAN provides FIs such as B4B Payments with the ability to issue virtual IBANs in their customers’ names which the press note claims that ‘traditional banks would simply not facilitate due to risk and legacy systems limitations’.
The two companies in partnership claim that the future vision will include ‘utilising Banking Circle’s multi-currency accounts, SEPA and SWIFT transactions solutions and foreign exchange (FX) capabilities’ and Banking Circle will be removing the need for B4B to have a physical presence in each country, giving an edge in payments cost as compared to other competitors in the same field.