Paymaster24 chooses Banking Circle for new merchant offer

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Paymaster24, which is a provider of payments services, has confirmed that it will work with Banking Circle to increase the speed of the money transfers it offers.
  • The new relationship will also mean that additional currencies will be supported for Paymaster24’s customers, which tend to be firms of various sizes making money transfers for corporate purposes.
  • “We can send and receive cross border payments to and from our merchant customers worldwide much more quickly and at lower cost,” a spokesperson for Paymaster24 said.

A payment service provider has announced a new partnership with Banking Circle.

Paymaster24, a provider of local e-payment solutions, confirmed that it will be working with Banking Circle to add new services to offer its merchants.

It will enhance the speed with which online money transfer payments can be made.

It will also add new currencies for international money transfers.

Paymaster24 operates around the world and is a payment gateway working across multiple channels.

It allows corporations and smaller companies to make and pick up payments from one unified digital location.

In a statement, a senior figure at Paymaster24 said that the company was looking forward to boosting the size and scope of its banking network.

Avet Mnatsakanyan, who serves as the managing director of Paymaster24, said that this would now happen quickly.

“Working with Banking Circle enables us to rapidly expand the Paymaster24 banking network,” he explained.

He went on to say that there was a strong cost element to the new relationship for end users – with merchants now able to slash the price of payments.

“We can send and receive cross border payments to and from our merchant customers worldwide much more quickly and at lower cost,” he added.

For Banking Circle, co-founder and chief executive officer Anders la Cour said that the firm was “technology led” and that the “payments proposition” made by the groups would be streamlined.

“As a technology led bank, Banking Circle is wholly focused on delivering a payments solution that will enhance the customer propositions of financial institutions like Paymaster24 by streamlining the payments proposition and breaking down barriers to international trade,” he said.

He also said that the two firms had a shared vision of how international money transfers would benefit their customers.

“Paymaster24 shares our vision for increasing accessibility of cross border payments to help merchants increase their international market share,” he explained.

He concluded by emphasising how important it is that merchants are able to provide payment methods that are compatible with their local currency.

“Enabling merchants to offer their customers the ability to pay with their preferred payment method and in a local currency is a significant step in this journey,” he said.

“We look forward to working closely with Paymaster24 to continue developing bespoke solutions to meet the needs of their customers and add value to their proposition.”

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