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Banking Circle introduces new solutions for payments transparency

Wednesday 9 September 2020 14:08 CET | News

Financial infrastructure provider Banking Circle has introduced new Payments on Behalf of (POBO) and Collections on Behalf of (COBO) solutions to tackle compliance and reconciliation issues.

Until now, B2B payments have been received in the name of the payments business or bank rather than the underlying customer. This can result in reconciliation issues which, in turn, can cause delays in settlement and impact cashflow. The new Banking Circle solutions address these pain points by enabling financial institutions to offer visibility of the sender’s details when processing B2B payments, according to the official press release. 

Banking Circle POBO and COBO enable payments businesses and banks can deliver this service without relying on the correspondent banking network or investing in building their own solution. Available globally through SWIFT, Faster Payments, CHAPS, SEPA, and local clearing, the Banking Circle POBO and COBO solutions are currently available to payments businesses in 24 currencies and to banks in GBP and EUR, with more currencies and local capabilities planned.

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Keywords: Banking Circle, payments, financial infrastructure, payments on behalf of, POBO, collections on behalf of, COBO, compliance, reconciliation, B2B payments, banks, payments business, cashflow, financial institutions, SWIFT, FasterPayments, CHAPS, SEPA, local clearing
Categories: Banking & Fintech | Payments General
Countries: World
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Banking & Fintech