Novalnet unites with Banking Circle for efficient FX services

Novalnet AG, a full-service Payment Provider, is linking with Banking Circle, for more efficient and lower-cost foreign exchange (FX) and settlement solutions for customers globally. 

The collaboration is seeking to boost the firm’s portfolio of partners globally as it increases effectiveness in the way it engages with 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.

“To achieve our ambition of becoming a global leader in the world of payments, we work with the best partners in the financial ecosystem. Our global customer base means we need a solution that can help us to cost-effectively address the local and international reconciliation requirements.” 

Novalnet was created to tackle the countless payment pain points encountered by online businesses: payment fraud and resulting chargeback, the convoluted customer journey, processing errors, drop in conversion rates, cart abandonment, high transaction fees, lack of technical support, long binding contracts with PSPs and other service providers, to name a few.

He added: “With its modern platform and range of payment and settlement accounts in multiple currencies, Banking Circle is able to do just that. 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.”

Through its single integration, providing a comprehensive solution focused purely on customer need, Novalnet is resolving these challenges. It provides flexibility to clients by offering customised services fulfilling all payment requirements. These include payment processing of national and international payment methods, real-time fraud prevention and risk management, automated invoicing, subscription and member management, integrated marketplace solutions, claims management and simple reporting. 

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.”