B4B, Banking Circle Work On Streamlining Payment Infrastructure

Global prepaid payments provider B4B Payments has picked Banking Circle as its new payment infrastructure provider for corporate banking, a press release said on Monday (June 14).

“Banking Circle is changing the dynamics of the global payments ecosystem,” said B4B CEO and Co-Founder Paul Swinton. “It is doing the heavy lifting for businesses like ours by establishing a super-correspondent banking network that will deliver fast and cost-effective solutions for our clients. We, therefore, see our partnership as integral to our ambitious development plans.”

With the partnership, B4B will now be able to offer flexible solutions and save time. It will help to do away with older finance and accounting services in favor of new streamlined ones.

Banking Circle will, at first, offer virtual IBAN accounts and safeguarding services, the release said.

Banking Circle Co-Founder and CEO Anders la Cour said B4B had a diverse base of customers that “requires flexibility and adaptability to serve their needs and we are delighted to be able to provide payments infrastructure to underpin that service.”

“Our mission at Banking Circle is to tackle the legacy of high cost and slow international payments and B4B is another business that has seen the value we can add to their proposition,” la Cour said, according to the release.

B4B Managing Director of North America Kieran Draper spoke with PYMNTS about the niche of employee expense management and contractor payouts which had become signature for the company.

Draper said prepaid cards could be useful for more freedom, including for doing things quicker and for less cost.

He said funds can be disbursed in real time. Companies can see how cards are used and put limits on where they’re allowed to be used, and they can see transactions as they happen. That allows companies to monitor and control spending better than others.