- Alibaba signs up with payment provider Banking Circle in recent money transfer
- New partnership will see Alibaba have access to Banking Circle’s extensive payment
- New deal will help Banking Circle continue on its path of sustained growth
The Alibaba Group has recently released news that it has partnered with digital payment provider Banking Circle. The move will see Alibaba using Banking Circle’s global network and infrastructure to facilitate cross-border payments. Both companies are likely to benefit from the deal which will also see Banking Circle gain access to Alibaba’s millions of customers.
Following the news, Alibaba also confirmed that their decision shows how effective Banking Circle is at handling international money transfers and providing essential infrastructure for online cross-border payments. Head of Payments at Alibaba, Paul Li, said: “We are delighted to partner with Banking Circle. Its global network and disruptive technology make it an ideal partner for Alibaba’s future ambitions, building on the global infrastructure and technology platform that underpins the financial utility.”
For those not familiar with Banking Circle, the company is domiciled within the EU and specializes in handling online payment transactions and FX services to financial institutions such as banks and fintech firms. Speaking in a press release, Banking Circle Chief Executive and Co-Founder Andres la Cour, said: “Payment providers who join Banking Circle can offer ‘local’ cross-border payments, with low fees, good FX rates and fast transfer times. It’s a cohesive solution – there’s no differentiation between local and cross-border payments. All payments occur quickly, at low cost. Payments are simply payments.”
Recently acquired by investment firm EQT as of July 2018, Banking Circle is a major money transfer player with around $70.5bn in cross-border transactions completed each year. Their payment solution works with partner banks for fast and direct clearing access. This recent move to team up with Alibaba seems to be the next step of their publicly stated desire to focus on continued growth.
For further analysis and information on the latest cross-border payment news, visit the FX Compared website here.
