Business payment solution provider Safenetpay has teamed up with payment specialist Banking Circle to bolster its cross border payment offering.

Safenetpay, whose customer base mostly consists of UK SMEs, offers a single platform providing multi-currency accounts, card payment processing, and merchant accounts for businesses.

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The partnership offers Safenetpay customers with access to new currencies, competitive FX rates and quick transactions within SEPA.

Safenetpay CEO and founder Sanjar Mavlyanov stated that the new collaboration adds value to the Safenetpay offering by allowing the firm to offer a wider range of options and currencies.

Mavlyanov said: “We can now give our customers the benefit of faster, less complex payments as well as access to more products, immediate FX and additional currencies including USD and CHF.

“The ability to accept payments and hold funds in more currencies is a vital part of our business plans, helping us serve a wider range of small businesses regardless of where they or their customers are based.”

Safenetpay will leverage Banking Circle’s multi-currency accounts, SEPA and SWIFT transactions solutions and foreign exchange (FX) capabilities to serve a range of customers.

Furthermore, it will enable the firm to offer additional support to existing customers who are planning to expand into new markets.

Speaking on the collaboration, Banking Circle co-founder and CEO Anders la Cour said: “Most Safenetpay customers are SMEs – a group that we know often struggle with the impact of financial exclusion.

“In collaboration with Banking Circle, Safenetpay can now provide SMEs with access to international markets without the costly delays caused by traditional cross border payments and FX. Instead, businesses can focus on delivering the products and services their customers need.”

In 2018, Alibaba Group signed an agreement with Banking Circle to facilitate Alibaba cross-border payments.