London, 10th February 2020 – Since joining Banking Circle in May 2019, Ixaris Payments has been delivering one of the travel industry’s most comprehensive payments solution. By bringing together two award-winning platforms – Banking Circle Virtual IBAN and Ixaris Payments – Ixaris has been able to significantly increase the value of deposits made by its clients.
Over a five month period since launching with Banking Circle, Ixaris saw a full 48% increase in the value of multicurrency deposits made by clients funding their prepaid virtual card accounts.
Banking Circle is a multi-award-winning provider of ground-breaking financial services infrastructure. At the heart of its suite of innovative solutions is Banking Circle Virtual IBAN (International Bank Account Number), which allows businesses to send and receive payments anywhere in the world at low cost and in real-time, eliminating the reliance on multiple international banking relationships.
Banking Circle Virtual IBAN is delivering more efficient global, multicurrency payments handling for the travel industry – and when this is combined with Ixaris’ ability to optimise outbound payments in a range of 22 currencies, there is a material positive impact on the margins of travel industry participants. In an industry where margins are notoriously fine, this positive impact can turn what was previously a cost into a new revenue stream, and ultimately profitability.
Aran Brown, Chief Executive Officer at Ixaris, commented: “We knew a partnership with Banking Circle would streamline our clients’ payments and allow them to tap into new revenue sources, but it has been exciting to see the results beat our high expectations. Our travel clients have benefitted from a faster, smoother and more accurate funding method, in a range of currencies, available 24/7 and with automated loading of funds. Clients can now get deposits into their accounts at any time of day or night regardless of their location and time zone – if it hits Banking Circle, it will be automatically loaded in the funding account.”
Anders la Cour, Chief Executive Officer at Banking Circle, added: “Banking Circle Virtual IBAN has been playing a vital role in reducing the time and cost of cross border and local payments for almost five years.
“The solution has won multiple awards for providing financial institutions with a unique way to add value to their customer proposition, and we are delighted with the success we have experienced so far with Ixaris.
“We look forward to continuing to work closely with Ixaris for many years, building solutions to meet the ever-changing needs of the travel industry. Together we aim to provide the travel industry with access to affordable cross border payments solutions, helping them to expand and compete more effectively.”