Banking Circle adds same day local payouts in Polish Zloty

Source: IBS Intelligence 2020-07-17

Banking Circle has added Polish Zloty (PLN) to its local payout capabilities. Payments businesses working with Banking Circle may now provide their merchant customers with same day settlement for payments to Poland in Polish Zloty via the local payment network, eliminating the need to use the SWIFT network.

The addition of local payouts for Poland also gives financial institutions the ability to settle multiple currencies locally without needing to set up local banking relationships in each jurisdiction, delivering efficiency and cost benefits. There are no settlement delays due to straight-through processing and both payer and payee benefit from low transaction costs and fees.

Anders la Cour, co-founder and Chief Executive Officer of Banking Circle said: “We recently spoke to more than 1,500 SMEs across Europe and found that just 15% had experienced problem-free cross border payments. One of the core aims of Banking Circle is to increase financial inclusion and empower even the smallest business to compete in the international marketplace. To do that we are working to make international payments and cross border bank transfers faster, cheaper and more easily accessible.”

Payments businesses’ merchants are able to instruct via Banking Circle’s web or API, allowing payments to be settled locally in PLN, rather than through the SWIFT network, traditionally used for cross border payments. End-to-end transparency also reduces AML and KYC risk.

Anders la Cour added: “This latest addition means we are now able to facilitate same day settlement for payouts in 11 currencies, as well as next day settlement for Singapore Dollars (SGD), with many more to come in the near future. This is an important step to support businesses in meeting their potential for global expansion.”

Banking Circle

PLN

Banking Circle adds same day local payouts in Polish Zloty

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