Innovative payment provider uses Banking Circle Virtual IBAN to enhance service offering
EML Payments, provider of innovative payment card technology solutions, has joined Saxo Payments Banking Circle.
Operating in sixteen countries across Europe as well as in Australia, USA and Canada, EML Payments' platform issues and processes Scheme products on behalf of global corporates. Using Banking Circle Virtual IBAN, EML will be able to issue its clients with a dedicated account in their name, making reconciliation of card scheme flow much easier.
Bruce Stewart, Group CFO for EML comments: "Our clients use our technology to simplify their processes and offer their end consumers a better payments solution. By joining Banking Circle – and accessing Banking Circle Virtual IBAN – we can now provide our clients with the ability to reconcile the flow of funds quickly and simply, without the high fees and slow transfer times they have previously experienced.
"Membership of Banking Circle gives EML a strategic advantage enabling us to offer clients a tailored, transparent solution with negligible fees."
Anders la Cour, co-founder and Chief Executive Officer of Saxo Payments Banking Circle added: "As a global provider working with high profile corporates, EML needed a solution that would provide cost-effective and time-efficient transfers even across borders. Traditional transfers took too long and the cost was prohibitive.
"Banking Circle Virtual IBAN gives EML a Master Account and allows the company to assign a Virtual IBAN account to each client, in their client's name. By, pointing the card scheme flow for each store to the relevant Virtual IBAN, this helps with reconciliation of inbound flow.
"Banking Circle Virtual IBAN is a serious game-changer in the cross border payments arena. It eliminates the need to set up multiple banking relationships, within each country and currency the bank or Financial Tech business wishes to trade. This provides a more tailored service to the financial institution's clients, bringing a genuine competitive advantage over traditional FX payment solutions."