Banking Circle’s services will go toward helping with managing cross-border and foreign exchange (FX) payments. Banking Circle allows local B2B payments and connections across borders and does away with the need for a physical presence or relationship with a local bank.
PayAlly is able to issue accounts to business customers in several jurisdictions, which will give them access to a cross-border payment system.
With the new partnership, PayAlly will open up a new wider breadth of payment rails with the Banking Circle correspondent network.
That will help with speed and cost of international payments for eCommerce customers. The goal of the project is to cut in half the costs of acquiring and payments for eCommerce. PayAlly offers solutions like accounts, payments, prepaid cards, foreign exchange solutions and factoring.
The company also works with value-added solutions, including supply chain management, accounting and eInvoicing, according to Rafal Andzejevski, co-founder and CEO of PayAlly.
“At PayAlly we strive to help smaller businesses and individuals by providing them with quicker and more reliable payments,” he said. “Working with Banking Circle, which offers us additional routes for international payments, we are able to improve our ability to execute B2B cross border payments in various currencies more quickly, efficiently and smoothly than we were previously able to do. As a result our clients can send and receive funds much faster and with less hassle and that is good news for their cashflow and profitability.”
Last year, Banking Circle debuted a new B2B payment service for more transparent payments. That came with Payments on Behalf of (POBO) and Collections on Behalf of (COBO) features, which means banks and payment services can show sender details as they process B2B payments.
They can also collect funds for Banking Circle’s virtual International Bank Account Number (IBAN) accounts, which is used to allow companies for sending and receiving cross-border payments in real time.