PerfectCard, the FinTech provider of employee reward and corporate expense solutions, has joined Banking Circle to streamline payment reconciliation. Financial utility, Banking Circle, provides ground-breaking financial services infrastructure, helping banks and FinTechs to provide their customers with fast and cost-effective banking and payment solutions, without having to make significant investment in in-house systems.

PerfectCard, a Mastercard scheme member and Ireland’s first authorised eMoney institution, provides the business sector with two innovative products: Perx Reward, an employee reward platform; and Pecan Expense, a business expense tool. Both products come with pre-paid debit cards as a key part of their offering. PerfectCard’s smart financial products also include a shopping centre gift scheme, PerfectCentre.

By joining Banking Circle, PerfectCard is capitalising on the benefits of Banking Circle Virtual IBAN to help its Perx and Pecan customers send and receive payments anywhere in the world, at low cost and in real-time. Banking Circle Virtual IBAN gives PerfectCard a Master IBAN account and allows the company to assign a Virtual IBAN account to each client, in their client’s name. Pointing the card scheme flow for both Perx and Pecan to the relevant Virtual IBAN helps with reconciliation of inbound flow. This cohesive solution streamlines the payment process, making it more efficient and cost-effective.

Nikki Evans, Managing Director of PerfectCard commented: “We currently have around 2,500 corporate clients across our products, and our solutions must be streamlined and accessible to provide them with the best service possible. We need to be able to accept payments in multiple currencies, without delays or high fees on transfers.

“Banking Circle Virtual IBAN is the only solution we have found which is able to provide us with the affordable and flexible process we need. By joining Banking Circle, PerfectCard is able to create a dedicated IBAN for each corporate programme, facilitating a smooth reconciliation process by segregating funds easily whilst always remaining fully compliant.”

Anders la Cour, Co-founder and Chief Executive Officer of Banking Circle, added: “We built Banking Circle Virtual IBAN to tackle the delays and excessive costs incurred via traditional cross border payments through the correspondent banking network. Its application is ideally suited to a business like PerfectCard, which needs to deliver a seamless process for its customers.”