Ixaris partners with Banking Circle on cross-border payments
Payments optimisation specialist Ixaris is working with financial service infrastructure company Banking Circle, and will leverage the company’s Virtual IBAN technology in order to support and streamline cross-border payments for the travel industry, reports David Penn at Finovate.
“Cheaper payments to merchants transacting around the globe”
“Our partnership with Banking Circle allows Ixaris to offer an even more competitive edge to our travel customers, not only by optimizing payments but by creating a seamless cross border transaction process across more than 25 currencies in 60 countries in a way that banks would simply would not allow,” Ixaris CEO Aran Brown explains.
Banking Circle’s virtual IBAN technology enables companies to send and receive low-cost, real-time payments anywhere in the world. This technology alleviates the need for businesses looking to send money across borders to have a physical location – and a physical bank account – in the areas they wanted to operate it. The combination of Ixaris’ payment optimisation with virtual IBAN technology improves cross border payment efficiency, leading to greater revenues, explains the firm.
“Banking Circle Virtual IBAN plays an invaluable role in delivering faster, cheaper payments to merchants transacting around the globe,” Banking Circle CEO Anders la Cour says. “Unlike traditional business to business cross border payments, which can incur high bank charges and payment delays, our solution enables Ixaris to give customers their own virtual IBANs.”
Headquartered in Hellerup, Denmark, Banking Circle unveiled its Virtual IBAN technology in 2017.
Banking Circle was acquired by investment and private equity firm EQT last summer in a deal valued at $300 million. Also in 2018, Banking Circle partnered with Alibaba, who will use the company’s technology and global network for digital payments.
More recently, Ixaris announced a new chief legal and compliance officer, Georg von Brevern, and a new commercial director, Sean Ashton, earlier this month. The company has raised $8.8 million in funding and includes Future Fifty and EASME (EU Executive Agency for SMEs) among its investors.
