" class="no-js "lang="en-US"> Banking Circle Reports that it settles more than 10% of Europe’s B2C e-commerce flow
Thursday, May 30, 2024

Banking Circle Reports that it settles more than 10% of Europe’s B2C e-commerce flow

Underlining the momentum it has gained as an alternative to correspondent banking for cross-border payments, Banking Circle S.A. is forecasting a significant uplift in its payments flow for 2022.

Now serving over 250 financial institutions across the globe, in the first three quarters of 2022 the Luxembourg licensed bank processed enough payments to imply €332bn in total annual run-rate payment volumes. Based on incoming volume processed[1] and new market sizing in Worldpay’s 2022 Global Payments Report[2], this means it is settling more than 10% of Europe’s B2C e-commerce flow.

As it attends Money20/20 USA, the traction already achieved underlines Banking Circle’s value in helping US payments companies and FinTechs that want to expand beyond North America. Through the bank they can handle transactions in up to 25 currencies without facing prohibitive costs and with full regulatory compliance for each jurisdiction. Improving speed, payments can be handled as if local; there’s also the potential for additional FX or transfer costs to be eliminated.

“Led by our tech-first approach, Banking Circle S.A. is driving the evolution of global payments infrastructure which goes to the heart of financial inclusion”, explained Laust Bertelsen, Chief Executive Officer, Banking Circle S.A. “These latest numbers show the market appetite for our cutting edge, fast and cost-effective solutions, with in-built compliance. We’re providing a genuine alternative to traditional correspondent banking, removing many of the barriers to cross-border payments.”

“The global e-commerce market is growing rapidly and many US payments providers and FinTechs can see the opportunity to expand beyond North America”, added Jussi Lindberg, Chief Commercial Officer, Banking Circle S.A. “What they need is fast, fairly priced payments services, delivered by an established provider that can be easily integrated into their own platforms.”

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