HIPS and Banking Circle partner to offer efficient merchant on-the-spot currency conversion

HIPS Payment Group Ltd, a provider of innovative and cost-effective e-commerce and mobile payment solutions, and licensed bank, Banking Circle, which delivers ground-breaking financial infrastructure for Payment businesses and Banks, today announced their partnership, which enables Hips to offer a settlement with domestic payment rails.

“With this important partnership, Hips can easily provide our payment product solutions globally as Banking Circle allows us to offer instant currency conversion, providing our customers with a means to purchase any items or services in their own currency,” says John Cavebring, CEO of Hips.

“This partnership strengthens our global leadership in simplifying payment processing for a business of any size.”

The two companies will leverage each other’s technology to bypass old, bureaucratic, and expensive systems. Instead of sending expensive international wire transfers, Hips can now use Banking Circle’s infrastructure to send payouts to merchants quickly, at low cost, compliantly, and securely.

Anders la Cour, co-founder and Chief Executive Officer of Banking Circle added: “We are delighted to be working with Hips, as our collaborative technologies will further enable Payments businesses to seize more opportunities in the new economy. Our partnership provides modern and efficient methods of international payments and settlements and FX, underpinned by strong compliance enabling Hips to add value to its service proposition.”

Hips provide an array of payment product solutions in terms of technical offerings, commercial savings, and shorter go-to-market timelines for any bank or fintech startup, regardless of size.