Online Payment Platform, Banking Circle partner to support global marketplaces

Online Payment Platform is focused on providing a cost-effective and fast payment solution for over 170 marketplaces such as Nature.house and Marktplaats.nl from the Netherlands and eBay-Kleinanzeigen in Germany. Also they are currently expanding into the UK and France. One of the big challenges sellers using these marketplaces face is the speed of accounts settlement, with delays impacting on cashflow. Addressing this challenge, Online Payment Platform is using Banking Circle’s accounts in multiple currencies to gain access to various local clearing methods in just one solution. This helps Online Payment Platform to receive and make payments as well as enhance internal processes. It is also using Banking Circle’s Virtual IBAN solution for accounts reconciliation. 

Available globally through SWIFT, Faster Payments, CHAPS, SEPA, and local clearing, Banking Circle solutions are currently available to Payments businesses in 25 currencies with more currencies and local capabilities planned. Faster reconciliation is achieved through dedicated multi-currency Virtual IBANs in multiple jurisdictions, delivering improvements across reconciliation, consolidation, risk management, operational efficiency, transaction processing, and liquidity management. Available via API, Web and SWIFT, the solutions can be accessed by new and existing Banking Circle clients, with just a connected or unconnected BIC required by the Payments business.