Source: Banking Circle
Banking Circle S.A. (“Banking Circle”) today announced a partnership with Ant Group to work on a pioneering liquidity management project, exploring technology innovations on tokenised deposits which will improve efficiency and speed of global fund settlements.
Banking Circle infrastructure and the blockchain platform developed by Ant Group will be leveraged to issue and distribute the tokenised deposits. The blockchain platform can facilitate cross-border payments and liquidity management more efficiently.
Alongside the clear liquidity management benefits, the structure is Web3 compatible and provides further opportunities for cost-saving with FX and additional currencies to follow shortly.
Laust Bertelsen, CEO of Banking Circle, said: “Banking Circle is excited to work with Ant Group to pioneer innovations for global treasury management. Looking ahead, the two companies will continue to collaborate and strengthen our relationship globally.”
Kelvin Li, Head of Global Fund Platform of International Business Group at Ant Group, added: “We are glad to partner with Banking Circle on technology innovations for tokenisation, which is aimed at improving the efficiency of liquidity and corporate treasury management, and facilitate the development of scalable and sustainable FinTech solutions.”
Banking Circle, a Luxembourg based bank, provides a suite of award-winning banking solutions, including bank connections for local clearing and cross-border payments, multi-currency accounts, Virtual IBANs and Correspondent and Agency Banking solutions. Banking Circle aims to help customers reduce transaction costs, improve efficiency and transparency and optimise cash management through its cutting-edge technologies and sophisticated Treasury Solutions for its FinTech customers.
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NOTES FOR EDITORS
About Banking Circle S.A.
Banking Circle S.A. is the Payments Bank for the new economy. As a fully licenced bank, free of legacy systems, Banking Circle enables payments companies and banks of any scale to seize opportunities in the new economy - quickly, at low cost.
Banking Circle S.A. is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver fast, low cost payments with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market leading compliance and security.
Through bespoke, flexible, scalable and futureproof solutions Banking Circle S.A. is enabling financial institutions to help their customers transact across borders in a way that was previously not possible.
Headquartered in Luxembourg, Banking Circle S.A. has offices in London, Munich and Copenhagen.
Banking Circle S.A. is an affiliate company in the Banking Circle Group ecosystem which serves payment companies, banks, global marketplaces and online merchants through a rich set of complementary eCommerce solutions.
Banking Circle Group is owned by EQT VIII and EQT Ventures, in partnership with Banking Circle S.A.’s founders. The Group entities have offices in Amsterdam, Copenhagen, London, Luxemburg, Munich, Singapore and Stamford, Connecticut.