This collaboration will enable the small and medium-sized businesses (SMBs) using Skydo’s cross-border payments platform to offer their buyers in the United Kingdom and the European Union a broader range of local payment options, the companies said in a Thursday (Aug. 22) press release.
“We are constantly in search of global rails that make payments faster, cheaper and more compliant and Banking Circle fits seamlessly with this objective,” Srivatsan Sridhar, co-founder and CEO of Skydo, said in the release. “By leveraging Banking Circle’s global network, we can help more and more Indian businesses expand their operations globally.”
Skydo’s platform is focused on international payments and provides a flat-fee pricing model, real-time exchange rates and zero processing fees, according to the release. It allows Indian SMBs to save as much as 80% on foreign exchange transaction costs.
Banking Circle, which is a fully licensed next-generation bank with central bank access, is committed to governance, compliance and lowering the costs associated with global payments, the release said.
The partnership of the two companies provides Skydo with a direct banking partner and a single application programming interface (API) integration to Banking Circle’s infrastructure, allowing Skydo to offer its customers more options when it comes to local payments and fund collection, per the release.
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“By leveraging Banking Circle’s virtual accounts as well as our local and cross-border payment rails, Skydo can streamline the payment process for its clients, reducing both costs and transaction times and opening new, exciting markets,” Mishal Ruparel, chief commercial officer at Banking Circle, said in the release.
Cross-border payments are undergoing a revolution as global trade soars, according to the PYMNTS Intelligence and Citi collaboration, “The Treasury Management Playbook: Spotlight on Cross-Border Payments.”
The more a business looks abroad for new markets and customers, the more important it is that they operate with seamless and efficient cross-border payment solutions, the report said.
In another collaboration announced Thursday, Bank of New York Mellon (BNY) and Commonwealth Bank of Australia (CBA) launched a cross-border payments partnership that lets businesses and individuals who receive international payments from BNY customers get paid in as little as 60 seconds, no matter who they bank with.
