Banking Circle Adopts Gresham Cash Reconciliation Tool

U.K.-based FinTech Gresham Technologies announced Wednesday (May 11) that payments and banking services firm Banking Circle has adopted Gresham’s cash reconciliation tool.

“Gresham’s Control solution is already improving our control mechanisms while simultaneously allowing us to innovate and scale,” Morten Juhl Lilleøre, Banking Circle’s head of operations, said in the release. “This particular module was exactly suited to meet the challenges we’re facing today.”

Gresham pointed to a 2021 ESMA data quality report that called for greater efforts by reporting entities to prevent problems with reconciliation, data quality and reporting in the financial services industry.

By functioning as a cloud-based managed service, Gresham’s Control solution lets the Luxembourg-based Banking Circle outsource non-core business functions and focus on higher-level, value-add tasks.

By eliminating expensive manual processes, human error and infrastructure management, Banking Circle can offer customers a more streamlined experience while making its more operations more scalable and resilient, Gresham said.

“In today’s regulatory landscape, firms are not only expected to control their cash but also provide comprehensive proof of that process,” said Vincent Kim, Gresham’s sales director for Europe. “Most firms need compliance and data reconciliation automation and expertise to help reduce risk and future-proof their businesses. These requirements can be a barrier to entry, particularly for new entrants.”

Read more: B2B BNPL Firm Biller Joins Banking Circle

Earlier this year, Banking Circle announced that Biller, an AI-driven buy now, pay later firm for business invoices, was joining its “ecosystem” of financial service offerings.

Based in Amsterdam, Biller’s AI-driven payment method allows business buyers to order online and pay directly on invoice while carrying out fraud and credit checks in real time, thereby lowering operational burdens and risks for business sellers.