Alibaba Group has collaborated with global scale financial utility Banking Circle for futureproof payments.
As part of the deal, Alibaba will use Banking Circle’s advanced infrastructure and global network to promote its business.
Alibaba Group payments head Paul Li said: “We are delighted to partner with Banking Circle. Its global network and disruptive technology makes it an ideal partner for Alibaba’s future ambitions, building on the global infrastructure and technology platform that underpins the financial utility.”
The collaboration with Alibaba Group will help Banking Circle to establish as a next-generation provider of mission-critical infrastructure for online cross-border payments.
In June, the global investment firm EQT, along with company founders and other co-investors, agreed to acquire Saxo Payments Banking Circle from Saxo Bank and other minority owners.
Banking Circle, which is domiciled in the European Union, is specialized in offering global payment account transactions and foreign exchange services to financial institutions.
The firm’s customers comprised of FinTechs, banks, acquirers, payment service providers, FX brokers, money transfer businesses, e-wallets, and alternative payment providers.
Banking Circle provides a range of payment solutions for businesses to make and receive local and cross border B2B payments.
The financial utility also provides competitive FX rates across 160 currency pairs, which will help customers to cover more than 60 countries and 25 currency accounts.
Via Banking Circle, the customers can access payment methods such as faster payments, BACS, CHAPS, SEPA, and SWIFT. It also provides a range of local payout capabilities.
Banking Circle co-founder and CEO Anders la Cour said: “Payment providers who join Banking Circle can offer ‘local’ cross border payments, with low fees, good FX rates and fast transfer times.
“It’s a cohesive solution – there’s no differentiation between local and cross border payments. All payments occur quickly, at low cost. Payments are simply payments.”
Founded in 1999, Alibaba Group is one of major players in ecommerce sectors. The group supports businesses in marketing, selling, operating and improving their efficiencies.
Alibaba also helps merchants, brands and other businesses to efficiently use new technology to better serve their users and customers.