- PayAlly, which is based in London and has more than 1,000 clients around the world, will work alongside the firm Banking Circle, which has recently joined a prestigious group of Nordic banks.
- Together, the two companies will endeavour to help firms get better access to global payments and hence build their international presences.
- “As a result our clients can send and receive funds much faster and with less hassle,” said a spokesperson for PayAlly.
A payments ecosystem for small businesses has announced a new pairing with banking as a service provider Banking Circle.
PayAlly, which describes itself as a fully integrated payments ecosystem, said that it will work alongside Banking Circle to provide a better international money transfers system for business-to-business transactions in multiple currencies.
PayAlly will now have more choice when it comes to payment rails.
E-commerce users of the platform are expected to benefit through faster speeds and lower costs.
PayAlly is based in London and has more than 1,000 corporate-level clients across the globe.
Its services are diverse and include everything from account management to prepaid cards.
Foreign exchange is also available from the firm.
Banking Circle, meanwhile, is a pioneer in its field and recently entered the P27 Nordic Payments initiative.
This was as part of its endeavour to provide bulk-clearing services for the Danish krone currency.
In a statement on the new partnership, a PayAlly spokesperson said that they were hoping to provide faster payments that users could rely on.
“At PayAlly we strive to help smaller businesses and individuals by providing them with quicker and more reliable payments,” the spokesperson said.
They added that pairing up with Banking Circle offered a way for global payments to be made easier to process.
“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,” the spokesperson said.
They also said that one of the ultimate beneficiaries of this was the client – and that this could have a positive knock-on effect on profits.
“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,” they explained.
Banking Circle's co-founder and chief executive officer Anders la Cour said that PayAlly appealed to the firm because it wanted to “break down barriers”.
“With its mission to provide customer-centric solutions that break down barriers to international payments and increase SME financial inclusion, PayAlly’s ethos is very closely aligned to ours” he remarked.
He added that the two firms in collaboration could help clients make a move towards faster international growth.
“Working together, we can help PayAlly’s e-commerce clients expand internationally without the high cost and slow transfer fees that could otherwise hold them back,” he said.
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