Payments settlement is accelerating, and rightly so

Today’s data hungry world does not stand for slow download times. Nor will it support lengthy settlement of payments, local or international. Today, the global payments provider, Paysafe, has joined Banking Circle for a partnership which enables fast, cost-effective payments settlement, both locally and internationally.

Here we take a deeper look into current news for faster payments to satisfy the modern customer.

For Paysafe, membership of Banking Circle allows Paysafe to offer its clients settlements from its partners in the card scheme flow. Advantages of the partnership include improved settlement times, increased payments acceptance and reduced costs for all payments. As Banking Circle grows, more customers are ‘seeing the benefits and opening up the global market for international trade,’ said Anders la Cour, co-founder and Chief Executive Officer of Saxo Payment Banking Circle.

Just yesterday (February 12), the UAE Exchange entered an agreement with fintech giant Ripple for cross border payments, reported CCN. Using Ripple’s blockchain and UAE Exchange’s presence in 31 countries, the partnership brings faster settlement to over 100 banks and FIs.

The trend

The development of fintechs working specifically towards improved cross border payment is accelerating. Just last month, major Dutch bank ABN Amro launched a new international payments fintech called Franx. This is a trend which has been gathering pace since Q4 2017, after Santander UK, Ripple and American Express FX launched an instant payments bridge across the pond.

Around the world

February 13 also signifies the launch of Australia’s New Payments Platform (NPP) which allows individuals with accounts at different banks, building societies and credit unions to make real-time, data-rich payments to one another.

By Grace Appleford, Research Analyst.

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