PayAlly partners with Banking Circle for international payments

With a great digital shift of payments by businesses, cross-border payments firms are responding either by expanding their footprints geographically or by partnering with peer companies to expand their reach.

This week, UK based payments company PayAlly has teamed up with Luxembourg based Banking Circle to ‘improve’ its multi-currency B2B cross border payments services. The company in its press release notes that partnership with Banking Circle will give PayAlly a wider choice of payment rails through the Banking Circle super-correspondent banking network which will improve the speed and cost of international payments for its e-commerce customers.

Banking Circle will aid PayAlly to manage the cross border payments and FX requirements of its clients also allowing PayAlly with B2B payments collections across the border which eliminates the need for a physical presence or a relationship with a correspondent bank in that region.

Last year, Banking Circle had introduced Payments on Behalf of (POBO) and Collections on Behalf of (COBO) with the aim of providing virtual banking services to its business customers.

With this partnership, PayAlly will also be able to issue accounts to business customers, in multiple jurisdictions, giving them access to a cross border payment system previously only accessible through larger banking institutions, as noted in the press release.

PayAlly is also working on its ‘aim of halving the cost of acquiring and payments for e-commerce SMEs’ and the company also offers solution such as accounts, payments, prepaid cards, Foreign Exchange (FX) and factoring along with supply chain Customer Management System, accounting and E-invoicing

PayAlly is an authorised payments institution with FCA in the UK and the company is registered with Visa Europe as Third Party Agent and with Mastercard as a Payment Facilitator as mentioned on the company website.

Banking Circle provides banking services to the financial institution and business customers. The company is granted authorisation as a credit institution in Luxembourg by the European Central Bank. The authorisation granted enables Banking Circle to carry out financial service activities within the European Union and in countries with which the European Union has entered into an agreement for the financial area.