Banking Circle acquires Biller, partners with DiPocket
Luxembourg-based bank and payments infrastructure provider Banking Circle has continued its streak of acquisitions and growth. The firm purchased Biller which is a B2B buy now pay later (BNPL) firm, and announced a partnership with DiPocket which is a corporate disbursement and payments solution provider.
DiPocket teamed up with Banking Circle to give its clients an access to Faster Payments through Banking Circle. Using the Banking Circle’s Virtual IBAN for company and client fund accounts, DiPocket will provide its customers with access to Faster Payments and SWIFT.
This would provide clients with the ability to bypass the operational issues with other partner banks as the press note mentioned. DiPocket would be also using Banking Circle for SEPA EURO payments.
“The main challenge we are looking to address is providing our customers with access to Faster Payments”, said Fedele di Maggio, CEO of DiPocket. “As well as delivering this solution, we have also found that the integration options and multi-currency accounts offered by Banking Circle are better than those available from incumbent commercial banks.”
In other news, Biller which is a B2B buy now pay later company is being acquired by Banking Circle and it will operate as an independent sister company in the Banking Circle ecosystem.
In the press note, the company notes that B2B buyers expect to have a ‘fast and flexible payment experience’ which is what similar to consumer side online purchase. The lengthy process of billing and with multiple barriers such as credit checks can take many days. This to address, the company allow business buyers to ‘order online and pay directly on invoice while performing real-time credit and fraud checks and a fully automated debtor management service’.
The company allows B2B sellers to offer payment services to buyers as they are used to them on the consumer side market. As a part of Banking Circle, the company would build a global B2B payments solution with as press note mentions ‘full value-chain coverage and scalability and will rapidly expand its geographical and commercial reach’.
“As companies accelerate the digitisation of their customer and supply-chain interactions, there’s a growing need for modern-day financial solutions”, said Derek Vreeburg, Managing Director and founder of Biller.
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