Banking Circle, the ground-breaking financial utility, has been announced as a finalist in three PayTech Awards categories: Best E-commerce Initiative, Best Corporate Payments Initiative and Top Paytech Innovation. The second annual PayTech awards from FinTech Futures recognise excellence and innovation in the use of IT in the global finance and payment industry. Winners will be announced at a Gala lunch, hosted by comedian Jo Caulfield, in London on 5th July.

Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle commented: “The first half of 2019 has been a busy and exciting time for us as a company. So far this year Banking Circle has won nine prestigious industry awards and been nominated for even more. PayTech is a hugely important industry, and it is an honour to be shortlisted among industry leaders in this field in the PayTech Awards 2019. We believe this confirms the value of our innovations, investment and commitment to the industry.”

Banking Circle’s core solution, Banking Circle Virtual IBAN is nominated for Best Corporate Payments Initiative and Top PayTech Innovation and Banking Circle Marketplaces is nominated for Best E-commerce Initiative.

As a multi-currency, multi-jurisdictional banking solution, Banking Circle Virtual IBAN 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 also reduces the likelihood of errors in processing cross border payments. Plus, reconciliation and settlement times are improved, helping businesses improve the customer experience. End-to-end transparency also reduces AML and KYC risk. With a fast account set-up, customers can send money to the virtual IBAN account, allowing for payments to be made and received at low cost per transaction.

Banking Circle Marketplaces enables Financial Tech businesses to help their Marketplace clients with regulatory changes under PSD2, as well as provide local International Bank Account Number (IBAN) accounts for Marketplace sellers. This innovative solution allows Payments businesses to accept payments from Marketplace buyers via a virtual IBAN account, bypassing the Marketplace itself so that it remains exempt from the new PSD2 regulations. Buyer and Seller both benefit from good exchange rates without paying high FX fees or waiting days for payment to clear.