WaveCrest, the licensed and regulated e-money issuer, working globally with businesses of all sizes and industries, has joined the Banking Circle to benefit from the ground breaking cross border payment solution.
WaveCrest works with businesses to provide turnkey or tailored payments solutions, helping to streamline corporate expenses, commissions, and incentive and travel payments. By becoming members of the Banking Circle, WaveCrest will be able to significantly extend its value chain for members of its award winning MyChoice payment services.
WaveCrest will use the Banking Circle Virtual IBAN for receiving funds from its B2B clients and cardholders. It will also have access to multiple virtual IBAN accounts to support the loading and reconciliation of funds in GBP and Euros on individual prepaid cards and up to 26 currencies for B2B accountholders. Traditionally, international payments can take many days to clear, but with the Banking Circle, payments behave more like local transfers, providing WaveCrest with a distinct competitive advantage. In addition to multi-currency IBANs, MyChoice accountholders will benefit from the integration of Banking Circle foreign exchange services and outward bank transfers to UK, SEPA and international markets.
Banking Circle Virtual IBAN provides full transaction transparency, reducing AML and KYC risk, as well as reducing payments acceptance and screening time by eliminating the likelihood of processing errors.
“Our clients have a key goal in business – to remain profitable and to grow – and we help them achieve this by providing a unique and easy to use payment solution”, explained Brent Almeida, CEO of WaveCrest.
“The award winning WaveCrest MyChoice platform helps our clients manage expenses and lower business costs. Partnering with the Banking Circle means we can enhance our easy to use online and mobile applications and delivery a faster, better customer experience.
Anders la Cour, co-founder and chief executive officer of Banking Circle, added, “With offices all over the world, WaveCrest offers cutting edge digital payments solutions. Now it can rely on the Banking Circle to enhance its customer proposition even further.
“We are committed to helping Financial Institutions offer their clients the best cross border payment solution possible, with full transaction transparency. Banking Circle continues to breakdown the traditional barriers to global expansion by removing high FX fees, slow transfer times and poor FX rates for the benefit of members like WaveCrest and its customers.”