Novalnet selects Banking Circle to cut costs of cross border settlement and FX

By Megha Bhattacharya

Payment solutions provider Novalnet AG has teamed up with Banking Circle today 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.

Gabriel Dixon, Founder and CEO of Novalnet commented, “Novalnet sets a high standard in the payment world by constantly innovating to deliver new features and functionality. Our payment experts build and develop tools and techniques that improve the performance and profitability of payment products worldwide, ensuring we provide our customers with a comprehensive, market-leading solution, focused on meeting their needs.”

“Integrated into the Novalnet Payment engine, the Banking Circle platform delivers instant results, including scalability, cost savings on SWIFT, an additional revenue stream on FX and the all-important increased customer satisfaction.”

Novalnet stated that the partnership will help it offer a like-for-like settlement in 24 currencies, avoiding double conversions that reduce the payment value through multiple conversions and FX markups. The company will also leverage Banking Circle’s real-time FX to increase its FX margins as well as reduce overheads of managing multiple international banking partners.

Anders la Cour, co-founder and Chief Executive Officer of Banking Circle added, “As a financial infrastructure provider, Banking Circle gives Payment providers such as Novalnet the ability to offer their customers cost-effective payment and settlement solutions with flexibility and security built-in. Novalnet can now offer customers reconciliation in up to 24 settlement currencies, as well as a wide range of currency conversion options. Together, Banking Circle and Novalnet are reducing the cost of cross border settlement and FX whilst simultaneously increasing transparency, efficiency and security. We look forward to continuing to work closely with Novalnet to develop further innovative solutions to help their customers trade efficiently regardless of geography.”