Banking Circle wins Financial Services Forum Award for Product and Service Innovation

Banking Circle has been awarded the Judges’ Special Award for B2B in the 2019 Financial Services Forum Awards for Product and Service Innovation. The business was also commended in both the Financial Inclusion and Payments categories.

The Financial Services Forum (FSF) is a membership-community focused on improving their understanding of the customer, the marketplace and their own marketing performance. The Forum remains relevant and beneficial by involving the right people and addressing the right topics – current wisdom and future trends – through a mix of events, publications, communities and online resources.

The annual awards were, this year, developed to include a new set of awards to recognise innovation in financial services that delivers tangible benefits to both customer and provider. These awards focussed on the overall impact that innovation has had on the sector or customer, and whether the innovation achieved or exceeded its objectives and goals.

Commenting on Banking Circle’s win, Anders la Cour, Co-founder and Chief Executive Officer said: “The FSF is a highly-respected and influential organisation, and to have been recognised in three of their award categories is both gratifying and motivating. Our growing team is committed to improving business banking – from payments to lending – thereby increasing financial inclusion. We have worked hard to create a suite of real, accessible solutions, built around the needs of real businesses with global ambitions. This latest in a long list of award wins, alongside our rapidly growing membership, proves that we are doing it right and delivering valuable solutions.”

Banking Circle’s core offering, Banking Circle Virtual IBAN, is a game-changer for the payments sector, providing access to faster, cheaper payments locally and internationally. The unique solution, the first multi-currency virtual IBAN for businesses to be offered by a non-bank, enables financial institutions to give their clients their own virtual IBANs, negating the need to have several banking relationships. With full transaction transparency, payments acceptance is improved, and screening time reduced.

Banking Circle Virtual IBAN was launched as a means for supporting cross border payments for FX and payments businesses but has since been modified to cater for prepaid card issuing, marketplaces and marketplace sellers, FinTech banking providers, payroll, and invoice discounting, with many more to follow.