Company: Banking Circle
Founder: Anders la Cour, CEO of Banking Circle Group
Business: Banking Circle is a fully licensed Payments Bank for the new economy.
About Anders and Banking Circle
Launched by Anders la Cour (CEO of Banking Circle Group) alongside Laust Bertelsen (CEO of Banking Circle) in 2015, Banking Circle – the bank – was created to solve systemic efficiency and cost challenges in the correspondent banking network. Despite the acceleration of digital transformation in Banking and Financial Services, incumbent Banks remain heavily reliant on outdated legacy systems, whereby transferring money between countries remained expensive and cumbersome, with transactions typically taking two to five days.
As a tech-first Payments Bank, Banking Circle is characterised by its access to a large liquidity pool and its FX conversion offerings, providing clients with a one-stop-shop for cross-border payments with just one relationship to manage. It serves as a genuine alternative to traditional correspondent banking, empowering clients through a commitment to financial inclusion.
Banking Circle is a fully licensed Payments Bank for the new economy, providing innovative solutions to Payment Service Providers, FinTech’s and traditional Banks. Their cutting-edge solutions provide an alternative to traditional correspondent banking, removing barriers to cross-border payments.
Free of legacy systems, Banking Circle facilitates direct access to clearing across a growing number of regions, providing faster, cost-effective international payments, now settling more than 10% of Europe’s B2C e-commerce flow.
Headquartered in Luxembourg, with offices in the UK, Germany and Denmark, Banking Circle has a clear strategy to enable the use of payment rails across numerous geographies, handling transactions in up to 25 currencies without facing prohibitive costs, armed with full regulatory compliance for each jurisdiction.
Banking Circle successfully completed a full migration to the cloud, Microsoft Azure, in March 2021 – enhancing the functionality and user experience of services, compressing clients’ transaction processing times from multiple hours to a single hour. This drastically increases flexibility and the responsiveness of its infrastructure to meet evolving client demands and digital transformation trends.
The cloud offers untrammelled potential for scalability, enabling Banking Circle to handle three times the number of daily transactions, coinciding with a tenfold efficiency increase. Since, the bank’s client base has doubled to more than 250 Financial Institutions.
Empowered by its cloud-based capacity and agility, Banking Circle continues to explore opportunities to dramatically scale its infrastructure and improve service offerings to clients as the Payments ecosystem evolves. In keeping with its identity as a cross-border Payments Bank, Banking Circle continues to invest heavily in streamlining cross-border transactions as much as possible.
Banking Circle is proud to be trusted by the likes of Stripe and Paysafe, as well as a variety of Payments businesses, FinTechs and established Banks. It’s exciting to have these companies on board, with the Bank’s offerings broadened in line with growing appetites for cutting-edge solutions.
In the first three quarters of 2022, Banking Circle processed enough payments to imply €332bn in total annual run-rate payment volumes. The Bank will continue to build on this momentum to further expand these diverse relationships by developing their tools and access to payments on a global scale.
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