Banking Circle adds Dynamic Sender Name to its suite of payment solutions
By Joy Dumasia
- B2B payments
- banking circle
- Dynamic sender name
Banking Circle, the technology-driven B2B payments bank, has simplified B2B payments by adding Dynamic Sender Name to the suite of solutions available to payment businesses. Offering a consultative approach to ensure payment businesses have access to the best payment solution for each customer use case, the addition of Dynamic Sender Name complements the other payment methods already available from Banking Circle. .
Payments companies that send payments to customers can now choose the best way to ensure ease of reconciliation and increase transparency for the end recipient. The latest addition to the payment options available, Dynamic Sender Name, allows payment companies to apply a different sender name for each new payment they send for their customers from the company’s bank account. of payment, rather than having to open a virtual sub-account for each customer.
“Banking Circle’s mission is to simplify payments, reducing the time it takes to manage incoming and outgoing payments, so that businesses can focus on their customer relationships and the delivery of their products and services,” explained Laust Bertelsen, CEO Banking Circle. “Offering payments businesses a range of options for how to manage their customers’ payments gives them full control over their reconciliation process, without added complexity. This new addition to the options – Dynamic Sender Name – allows our customers to choose to instruct all payments through a single multi-currency bank account rather than potentially managing thousands of accounts if this is the most appropriate option.
Dynamic Sender Name allows payment companies to manage payments through an account in 25 currencies, changing the sender name based on the transaction. The account number will remain the same for every payment, but because it comes in the name of the sender rather than the payment company handling the payment, the recipient can quickly and easily reconcile the payment. This is particularly useful for money transfer businesses and those offering alternative payment methods, as these payments may currently arrive in the name of the bank or payment processor rather than the recognizable name of the sender, which increases the need for manual intervention and reconciliation.
“In keeping with the banking circle’s tradition of groundbreaking innovation, this latest development reflects our focus on providing payments businesses with payment solutions that fit their purpose,” concluded Laust Bertelsen. “And it goes even further by offering simplified, transparent and flexible payment options that remove the barrier of reconciliation challenges.”
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