Banking Circle has partnered with JD Fintech, a financial service platform for cross-border businesses and an affiliate of JD.com.
The alliance has Banking Circle offering the infrastructure needed to enable real-time payments and FX, as well as marketplace collections for global businesses and merchants. JD Fintech will remain focused on providing simple, compliant, and scalable payment solutions for businesses and consumers.
Supporting Asian businesses
The integration will enable the fintech to support the acceleration of cross-border solutions, reducing friction and enabling businesses to open multi-currency accounts for collections, payments, currency exchange, and real-time funds management. Additionally, businesses can leverage Banking Circle’s virtual IBANs and local clearing rails, getting access to improved financial agility while ensuring compliance with the local and global regulatory requirements of the industry.
Banking Circle’s single API and local clearing solutions are key to building a simple and localised payment experience for both merchants and shoppers on the platform. The credit institution expressed positive sentiments regarding the alliance with JD Fintech, saying that it will strengthen the international digital commerce corridor for expansion by connecting JD to its local clearing network. This will deliver optimised speed and transparency in cross-border payments, offering Asian PSPs and fintechs a new way to serve merchants seeking to expand worldwide.
The initiative comes as Banking Circle’s wholly owned subsidiary BC Payments receives a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). This milestone will support the company’s development strategy, positioning BC Payments Singapore as a fully licensed business that facilitates scalable and compliant cross-border payment flows for banks, fintech companies, and global payment providers in the region.
This highlights Banking Circle’s commitment to improving its reach in the region, as well as improving the reliability of real-time global payments, all while helping its clients’ global payment needs and accelerating cost-efficient payments in Asia.
