Banking Circle Joins the Danish National Clearing Systemby Fintechnews Baltic November 11, 2021
B2B payments specialist Banking Circle announced that it has joined the Danish national intraday clearing system.
Through Banking Circle as a direct clearing participant, payments businesses and banks can now pay out and collect payments locally in Denmark on behalf of their customers more quickly and at lower cost than via traditional cross border payment methods.
This will enable e-commerce businesses around the world to tap into the growing Danish market.
With this new clearing option, Banking Circle enables its clients to offer their customers payments and collections in Danish krone (DKK) in their own name rather than that of the financial institution used to send the payment.
This is crucial for scaling of accounts, and delivers faster on-boarding, improved payment infrastructures, more ownership of payments and faster, smoother reconciliation.
According to Banking Circle, cross border payments traditionally can take as much as five working days and cost up to 50 EUR.
The firm’s aims to reduce the cost and increase the speed of payments as far as possible – to five minutes and 50 EUR cents or less.
Increasing the number of direct payment rails Banking Circle offers is a vital part of the journey.
“Previously, businesses based outside of Denmark and wishing to trade in the Danish market had no choice but to rely on the slow, costly and outdated correspondent banking network.
Now, following our significant investment to build the payment rails as a direct clearing participant in the Danish national intraday clearing system, Banking Circle is uniquely able to offer Payments businesses and Banks access to faster, lower cost collections in Denmark.”
explained Anders la Cour, Chief Executive Officer of Banking Circle Group.