PPRO and Banking Circle team up to boost service offering for PSPs

By Megha Bhattacharya

Local payments infrastructure provider PPRO has teamed up with Banking Circle with an aim to enhance the former’s service offering, thus supporting PSPs working with cross border e-commerce merchants. Dr. Götz Möller, Chief Financial Officer, PPRO, explained, “Banking Circle goes to the heart of our proposition. Being able to make real-time settlements to many of our PSP-clients means we can provide reliable and fast services which sets us apart from our competition.”

According to PPRO, the collaboration will enable it to leverage Banking Circle’s accounts in multiple currencies and gaining access to various local clearing methods in just one solution. PPRO will be able to simplify internal processes as well as receive and make payments quickly. PPRO’s clients will benefit from real-time internal payments between Banking Circle accounts for PPRO and them, thereby streamlining real-time settlements.

IBS Intelligence recently reported that payment solutions provider Novalnet AG teamed up with Banking Circle in a bid to enable faster and lower-cost foreign exchange and settlement solutions for its customers. Banking Circle is expected to help Novalnet to support its global clientele with local and cross border settlement at competitive rates and with faster reconciliation to help online merchants manage and maintain cashflow.

Anders la Cour, co-founder and Chief Executive Officer of Banking Circle added, “The financial infrastructure we have built is giving Payment providers like PPRO an important added value, to offer their customers cost-effective payment and settlement solutions with flexibility and security built-in. It’s exciting to be working with PPRO at such an important time in its development.”

Recently, PPRO secured over $180 million in new investments from Eurazeo Growth, Sprints Capital and Wellington Management following a doubling of year-on-year transaction volumes. With the investments, which were raised just six months after a $50 million round, the FinTech is now valued at over $1 billion.