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B4B Payments provides smart and flexible payment processing solutions, which enable any size organisation to manage expenses, simplify payroll and offer employee rewards and incentives.

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B4B Payments shortlisted for two awards at the FS Tech Awards 2022

B4B Payments is shortlisted for the FS Tech awards in Best Use of Mobile and Financial Inclusive Award.

B4B Payments is delighted to have been shortlisted for the FS Tech Awards 2022 in two categories. The nominations are in the Best Use of Mobile and Financial Inclusion categories. The FS Tech Awards celebrates excellence and innovation within the UK and EMEA financial services sector.

B4B Payments have been recognised in both categories for our rapid response during the pandemic, where we provided a quick and secure payment solution for NGOs tackling some of the biggest social problems in the world. Our easy-to-use mobile app made financial services more accessible, for migrants and victims of modern slavery. By reducing risk, streamlining processes and modernising the support they offer, a large number of charities were better placed to increase the number of people they could help during the initial stages of the crisis.

Winners will be announced on 17 March 2022 at the Awards Gala Dinner.

B4B partners with Sentinels to support Anti-Money Laundering compliance

Leading provider of B2B issuing solutions chooses Sentinels to support Anti-Money Laundering compliance across European markets.

B4B Payments, the leading global provider of card issuing solutions for businesses has selected Sentinels to support Anti-Money Laundering compliance across European markets. The Sentinels platform will facilitate B4B Payments in meeting anti-money laundering (AML) compliance requirements by improving the accuracy of fraudulent transaction detection across its portfolio of products.

A leader in innovative fintech solutions, B4B Payments requires a flexible AML solution that meets the monitoring requirements of the company’s diverse product and customer range – encompassing both corporate accounts and individual cardholders. The solution must also be scalable to support its increasing number of transactions as it expands its portfolio of payment solutions for businesses.

Sentinels was selected due to its ability to monitor transactions globally, together with the platform’s highly adaptable risk-based approach which results in quicker and more accurate identification of fraudulent transactions.

Using data-driven insights, Sentinels optimises AML and transaction monitoring processes and generates real-time insights to streamline workflows and compliance. Rules-based alert shaping reduces the number of false positives and provides a clearer, more comprehensive view into the transaction environment.

“The AML solution from Sentinels offers an intuitive environment for our compliance officers to monitor transactions, as well as the ability to easily edit monitoring rules. As compliance requirements become more stringent across Europe, partnering with Sentinels ensures that we are in the strongest position to meet these obligations and provide our stakeholders with the highest assurance that we are committed to supporting anti-money laundering efforts across the board.”
B4B CEO and co-founder, Paul Swinton

The Sentinels platform combines information from different data silos with external sources to feed its insight engine. Historical data and client feedback shape recommendations for next steps so that the platform’s insights continuously improve and grow in sophistication.

We’re excited to onboard B4B Payments to provide highly accurate data-driven insights that improve AML detection rates and increase efficiency across compliance workloads. Our partnership stems across multiple jurisdictions, enabling B4B Payments to operate in line with the varying AML requirements of its current regulators – the UK’s Financial Conduct Authority and the Bank of Lithuania. We look forward to providing the nuanced support required as it expands its services further across the globe.”
Joost van Houten, CEO of Sentinels

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B4B Payments signs deal to join the Banking Circle ecosystem

Leading provider of B2B issuing solutions will become part of Banking circle ecosystem.

www.bankingcircle.com

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London, 16^th November 2021 – B4B Payments (B4B), a leading global provider of card issuing solutions for businesses, is set to join the Banking Circle ecosystem to complement the Banking Circle payments Bank, providing accounts, payments and issuing to Payments businesses, Banks and Corporates. The deal is now going through the regulatory approval process. After closing of the acquisition, B4B will operate as an independent sister company of Banking Circle.

Together, Banking Circle and B4B will form a unique industry-leading provider of issuing and payment solutions with full value chain-coverage and scalability. As part of the Banking Circle ecosystem, B4B will continue to expand its portfolio of payments solutions for businesses, providing an unrivalled scope of financial services and product add-on optionality with wide reach and distribution power.

The management team will remain with B4B and will continue to lead the company going forward. In addition, Tom Jennings and Brian Lawlor, both with over 15 years of experience within the payments and issuing industry, will join B4B’s management team to help scale the business.

Paul Swinton, co-founder and CEO of B4B Payments, commented: “We are thrilled to become part of this fast-growing and innovative organisation. Under the new ownership we will have access to the investment and financial infrastructure to build on and accelerate our expansion across Europe and the US, and to expand our portfolio of payments solutions for businesses. In addition, we plan to launch a unique BIN-sponsorship proposition, building on B4B’s leading issuing capabilities and Banking Circle’s financial technology platform.”

Anders la Cour, Chief Executive Officer of Banking Circle Group added: “We are very excited that B4B is joining the Banking Circle ecosystem. Banking Circle is growing rapidly in both its customer base and its service offering, and B4B Payments is a natural extension of that evolution. Together with B4B, we can provide Banks and Payments businesses with additional capabilities such as card issuing, built on top of our core platform of payments, accounts and liquidity. We look forward to working closely with the B4B team.”

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B4B launches sustainable card solution for its corporate customers

Roughly six billion payment cards are produced annually worldwide, with 75% of gift cards still being actual physical cards.

The environmentally-friendly card material made from 76% recycled post-industrial waste, will help B4B Payments reduce the amount of plastic produced for its payment cards every year.

Paul Swinton, Chief Executive Officer at B4B Payments said:

“Whilst the adoption of virtual cards is accelerating and our range of digital solutions continues to expand, we are committed to reducing the impact of card production on the environment, by using sustainable card materials.”

When considering our role in tackling environmental challenges, it was vitally important that we could maintain the superior card quality that our clients and card holders expect, but combine it with sustainable production techniques and materials that will help us protect the environment for years to come. We are delighted that our extended partnership with Thames Technology lets us deliver that.”

As a leader in FinTech and business payments and voted the Best Prepaid Product of the Year in 2019, the extended partnership with Thames Technology allows B4B Payments to add to its cutting-edge card capability, providing more choice to its corporate customers. The card is produced using a post-industrial recycled PVC core along with degradable overlay and non-plastic components including chip and antenna for payment cards. Overall creating a sustainable payment solution that will help reduce its contribution to climate change.

Angela Davies, Head of Financial and ID Sales at Thames Technology said:

“We are delighted to be supporting B4B Payments in its mission to offer a more environmentally friendly card solution to its growing list of corporate clients. Thames Technology’s business commitment to sustainability during 2020 resulted in the launch of our Eden range; a selection of PVC alternatives ideal for both financial and retail use, so it’s extremely satisfying to see our clients embrace this.”

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Banking Circle & B4B Payments join forces for innovative corporate payments service

Leading corporate prepaid payment provider selects Banking Circle for corporate accounts and clients’ funds safeguarding services

B4B Payments, a leading global prepaid payments provider, has selected Banking Circle to provide payments infrastructure for its corporate banking services. Providing prepaid solutions to businesses for more than 15 years, FCA authorised B4B enables organisations of any size to manage expenses, simplify payroll, reimbursements, and offer employee rewards and incentives.

As a leader in FinTech and prepaid business payments and voted the Best Prepaid Product of the Year in 2019, the new partnership with Banking Circle will enable B4B Payments to offer innovative, flexible, and time-saving solutions that streamline and eliminate antiquated finance and accounting processes. Initially Banking Circle will provide virtual IBAN accounts for B4B clients as well as safeguarding services.

Banking Circle Virtual IBAN gives financial institutions such as B4B the ability to issue virtual IBANs in their customers’ names in a way that traditional banks would simply not facilitate due to risk and legacy systems limitations. It is a genuine game-changer for the payments marketplace.

The future vision of the two companies’ collaboration includes utilising Banking Circle’s multi-currency accounts, SEPA and SWIFT transactions solutions and foreign exchange (FX) capabilities. By making payments ‘feel local’, Banking Circle will be removing the need for B4B to have a physical presence in each country in which its customers operate, yet deliver payment costs comparable to those of local banks in the region.

“Banking Circle is changing the dynamics of the global payments ecosystem. It is doing the heavy lifting for businesses like ours by establishing a super-correspondent banking network that will deliver fast and cost-effective solutions for our clients. We therefore see our partnership as integral to our ambitious development plans.”
B4B CEO and co-founder, Paul Swinton

“The diverse customer base of B4B requires flexibility and adaptability to serve their needs and we are delighted to be able to provide payments infrastructure to underpin that service. Our mission at Banking Circle is to tackle the legacy of high cost and slow international payments and B4B is another business that has seen the value we can add to their proposition.”
Anders la Cour, co-founder and Chief Executive Officer of Banking Circle

About Banking Circle

Banking Circle is a financial infrastructure provider to Payments businesses and Banks. As a fully licensed bank, free of legacy systems, Banking Circle technology enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost and in line with high standards of compliance and security – with direct access to clearing that bypasses old, bureaucratic and expensive systems.

Banking Circle solutions are increasing financial inclusion. From accounts to lending, international payments to settlements and FX to compliance, Banking Circle technology is helping thousands of businesses transact across borders in a way that was previously not possible.

Banking Circle is owned by EQT VIII and EQT Ventures in partnership with Banking Circle’s founders. Headquartered in Luxembourg, Banking Circle has offices in London, Munich, Amsterdam and Copenhagen.

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B4B Payments welcomes Chief Commercial Officer Craig Simpson to the team

B4B Payments welcomes new hire, Craig Simpson as Chief Commercial Officer

B4B Payments is a prepaid payments solutions company specialising in streamlining B2B payments using prepaid expenses cards, innovative payroll solutions and employee incentives. B4B Payments’ goal is to revolutionise business payments and payroll to make payouts quicker, more efficient, and cost-effective for everyone involved.

B4B Payments are today very proud to announce that a new member is joining the team. Craig Simpson, an MBA-qualified business development professional with over 15 years of experience in the payments sector, has recently been welcomed onboard by the B4B Payments team. The company is incredibly excited to work with Craig, who will no doubt be a valuable asset to B4B Payments.

Craig Simpson’s background includes experience as the Head of Business Development at a world-leading payment card technology company, as well as years as the Head of Business Development with Flex-e-Card, a company specialising in gift vouchers and prepayment cards. As he moves over to join the B4B Payments group, everyone involved is expecting big things from the new partnership. Craig’s immense experience in business development in the business payments sector will no doubt be invaluable to B4B Payments.

Paul Swinton, CEO and Founder for B4B Payments has said of the move, “We’re so excited to welcome Craig Simpson to the team; there’s no doubt that he’s going to be valuable to our work here. With 15 years of experience in business and sales roles and an MBA under his belt, Craig’s CV speaks for itself. At B4B Payments, we’re always looking to the future to innovate and adapt, and Craig’s many years of experience in both business development and payments will no doubt help us to stay at the forefront of payments technology.”

B4B Payments has already made a name for itself as a leader in business payments and prepaid business cards. Founded in 2006 as Payment Card Solutions, B4B Payments has been an FCA authorised Payments Institute since 2017. 2020 was a good year for B4B Payments, as the company expanded into new offices in both the USA and Europe, and this new hire of Craig Simpson is part of B4B Payments’ ongoing growth. The company is no doubt on an upward trajectory, with huge developments occurring over the past few years, including becoming a mastercard® principal member, EMI status, and winning the Best Prepaid Product of the Year at the Cards and Payments Awards in 2019. When coming on board, Craig said, “I am really excited to be joining B4B Payments at such an exciting time in its growth trajectory. We have big plans for expansion, industry leading technology and products, and a fantastic team in place. I believe that B4B Payments has a very bright future, and I am glad to be part of it.”

With new talent on board, B4B Payments is well placed to take on the international prepaid card industry in 2021 and beyond. The company’s strong record of award-winning products and services over the past decade and a half is the perfect match for Craig Simpson’s similarly strong record of exceeding sales targets throughout his career; in 2021, B4B Payments is set to go from strength to strength.

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B4B Payments partners with NGOs in modern slavery response

Supplying prepaid Fintech solutions for NGO organisations

A critical issue for all of the NGOs who support victims of modern slavery is how to pay aid in a way that doesn’t put them at risk of being targeted as known carriers of cash. For the victims themselves, being unbanked creates problems with payments in their daily lives as well as with accessing government support systems.

What is modern day slavery?

Modern-day slavery is a critical global issue that is still commonplace in the United Kingdom. Since 2011, local NGOs have had to supply aid to more than 10,000 victims. In 2019, nearly half (46%) of potential victims who were referred to the support scheme were from London.

On a global level, it is estimated that 1 in 200 people are currently slaves. These people are the victims of a variety of exploitative practices and are often forced into work on factories and farms or coerced into the sex industry. Many also end up pushed onto getting involved in illegal pursuits such as smuggling drugs.

B4B Payment’s solution

B4B is a fast-growing Fintech company and an established presence in the prepaid card sector, currently helping NGOs to supply prepaid cards to modern slavery victims.
The launch of their improved process is one of many initiatives that NGOs and their partners have developed in collaboration with the Home Office to improve the way that charity aid is supplied to modern-day slavery victims. Prepaid cards, in particular, help NGOs to reduce the level of in-person contact needed during the current pandemic. These payments are provided under Government contracts and allow NGOs to provide essential payments to help victims begin their process of recovery.

Better inclusivity and safety for victims

By pairing up with B4B Payments, NGOs can now supply the people they help with a prepaid Mastercard® rather than a cash payment. This cashless solution enables staff to send the victim a one-off payment in full, without any worries that they will be targeted for carrying money. Card users are also empowered to make payments online, just like they could with a normal bank card. This means that they can access Government services or purchase things from home much more easily should they have a disability or be adhering to COVID-related social distancing precautions.

An NGO spokesperson said: “Bringing forward the roll-out of prepaid cards has been one of the key adaptations we’ve successfully introduced in recent weeks to help survivors of slavery as they not only begin to live independently but also supporting them to do this within Government guidelines, to protect them from infection.”

CEO of B4B Payments, Paul Swinton, said: “It has been hugely rewarding to provide our services to NGOs because they’re tackling some of the biggest social problems in the world today. Financial inclusion is an issue that cuts across so many different areas including modern slavery, domestic abuse, people trafficking, and homelessness, and we as a financial technology company must do our bit to innovate and help the less fortunate.”

A success story

By partnering with NGOs to create a cashless solution for the previously unbanked victims of modern-day slavery, B4B issued over 7700 prepaid cards across 13 organisations. This included a partnership with one of the largest and most well-known charities globally. Since initiation, over 140,000 transactions have been made using the cards and over £7.7 million in charitable funds have been processed through the new system.

In addition, the program took only two weeks to issue a victim with a prepaid card from the initial sign-up date. The positive impact on the lives of the victims can be seen in the increased safety of their payment methods and the improved convenience of online shopping and access to governmental systems. As previously unbanked people, they can now have the benefits of a card and the financial inclusivity it allows.

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B4B Payments secures exclusive partnership

Blackhawk Network, a global industry leader in payments, rewards and incentives announces a partnership with payment processing and e-money issuing solutions provider, B4B Payments.

As a result of the partnership, Blackhawk Network will extend its coverage of mastercard® badged open loop prepaid solutions across Europe for clients to use in their reward or disbursement programmes.

The partnership enables Blackhawk Network to offer multinational clients a ‘one-stop-shop’ for all their rewards and incentives, including gift cards, eCodes, and prepaid cards. This streamlines the often-complicated processes seen when operating with multiple products in multiple regions, by giving clients a single relationship and point of contact, which ensures simplicity and efficiency for all.

B4B Payments CEO Paul Swinton said: “We are delighted to extend our relationship with Blackhawk Network and give their impressive client list the ability to take advantage of our co-branded open-loop cards throughout Europe alongside their other offerings. We are looking forward to our joint markets growing exponentially as covid-shocked businesses get back to promoting themselves using our wide array of incentive payment tools.”

Stacey Richards, Prepaid Product Director at Blackhawk Network said: “B4B Payments are a like-minded organisation who, similar to Blackhawk Network, believe in offering innovative payment solutions. We are pleased to announce this partnership and embed their solution as part of our wider prepaid card portfolio. We are the market leader when it comes to rewards and incentives and are excited to make our footprint in the payments space even bigger.”

About Blackhawk Network

Blackhawk Network delivers branded payment programmes to meet our partners’ business objectives. We collaborate with our partners to innovate, translating market trends in branded payments to increase reach, loyalty and revenue. With a presence in over 26 countries, we reliably execute branded payment programmes in over 100 countries worldwide. Join us as we shape the future of global branded payments.

Blackhawk is headquartered in Pleasanton, California. For more information, please visit www.blackhawknetwork.co.uk

About B4B Payments

As a leader in fintech and prepaid payments for over 15 years, B4B Payments continues to

offer flexible and time-saving solutions that streamline and eliminate antiquated finance and accounting processes. B4B Payments has recently introduced a partnership programme to serve as a springboard for increasing the level of cashless organisations worldwide. Offering a range of solutions for partnership targeting businesses that are ready to take control of their expenses, manage payroll, payouts, and incentives. Whether you’re looking to differentiate yourself in the market by adding additional services or to add additional revenue streams, B4B has a mutually beneficial programme for your business.

B4B Payments has offices in London, Vilnius and Boston. For more information, about partnerships with B4B visit our partnership programme page.

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Everything you want to know about… virtual prepaid cards

Online shopping has been on the rise for some time now, and the pandemic has only increased its popularity. Many consumers have now started to shop online for the first time, and safe digital payment methods are needed even more. One such innovation is prepaid virtual cards. In this blog post, we look in more detail at virtual cards and how they work.

What are virtual (digital) cards?

A virtual, or digital card is an online hosted, digital virtual representation of any plastic card. A digital card, unlike a plastic card, doesn’t require any physical representation. Like a traditional credit, debit, or prepaid card, a virtual card allows users to purchase services or goods online.

An advantage of using virtual cards for your business is that the cardholder can use their card immediately. No need to wait for a traditional card to be sent in the mail. As soon as the card is created and funds loaded, the user will receive an email with instructions on retrieving their new card details.

The benefits of virtual cards

Virtual cards have great applications for business with total versatility to be used for a wide range of purposes. They can be used for purchasing items online, offering incentives to staff and clients, managing expenses, the list goes on.

If your business makes a large number of online payments, for example paying for travel, using a prepaid virtual card is a fantastic way to make sure payments remain secure and expenses are within budget. B4B Payments offer prepaid virtual cards that make business payments simple. Virtual cards can be generated instantly via our online managerial platform – the cardholder can then use it immediately rather than needing to wait for a physical card to be sent through the post.

How does a virtual (digital) card work?

Your virtual prepaid Mastercard® or Visa® is a reloadable, online e-money card consisting of a standard card number, expiry date and CVV number, which you can retrieve at any time by choosing ‘Display Card Image’ from the B4B cardholder dashboard.

You can use your virtual card details to make purchases online or over the phone at millions of businesses and retailers anywhere in the world. You cannot use your virtual card details to make in-person payments in a shop.

Can virtual cards be used in my digital wallet?

Yes, you can. B4B Payments provides clients and cardholders access to prepaid cards using digital wallet devices, such as GooglePay and ApplePay services.

Are virtual cards safe?

Yes. Just like a physical card, you must keep your virtual card details safe and secret. However, with a few clicks, cardholders can suspend their account.

If you’re a B4B cardholder, and have any questions, please contact our customer service team directly.

Virtual cards in the future

With online shopping increasing and the use of cash declining, it seems that the presence of prepaid virtual cards will only continue to grow. It’s easy to see why – the advantages of virtual cards both for online shopping and business payments lie in their security and accessibility.

If your organisation could benefit from increased security when you make payments online, B4B Payments can help with virtual cards for businesses. Our efficient system allows you to set up and close down cards quickly and easily, causing minimal disruption to your operations. For more information about our services please get in touch.

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Closed loop and open loop prepaid cards

There’s no question that prepaid cards are becoming more commonplace, especially as the use of cash declines. Prepaid gift cards are now seen more frequently in stores than the traditional paper gift voucher, and prepaid cards are also a useful way of helping people to budget. In addition, with online shopping on the rise, prepaid cards are very popular in the form of virtual or digital cards.

Closed loop and open loop

There are two main types of prepaid card available – closed loop and open loop. So what’s the difference between the two and what are the benefits? When you think of a gift card for a particular store, what you’re actually thinking of is a closed-loop card. This type of prepaid card is designed to only be used at that store and cannot be accepted for payments elsewhere.

On the other hand, an open-loop card is not tied to a particular store or brand. These cards are usually identified by a Visa or Mastercard logo and can be used anywhere that accepts card payments. Open-loop cards are typically loaded with cash in specific increments and are often used to help with budgeting. This type of card is also frequently sold to travellers as a more convenient and secure way of taking currency abroad, or for making card payments in other countries without incurring hefty fees.

Solutions for businesses

Both closed-loop and open-loop cards have useful applications for businesses. When it comes to employee incentives and rewards, both types of prepaid card are great options. A closed-loop card for a designated store can be a really personal way to reward a particular employee, gifting them something you know they’ll genuinely appreciate.

Alternatively, an open-loop card makes your employees’ rewards work for them – handy if you’re buying cards in bulk or you want to give flexible rewards and incentives. B4B Payments offer prepaid cards that you can adapt to your needs, and which ensure every employee gets a perk they love.

Open-loop cards are also a fantastic solution for business expenses; they eliminate the need for employees to use their own personal finances. Open-loop prepaid cards allow employees to spend money wherever they choose but make it easier to stick to a budget. A prepaid business card from B4B Payments also makes it simple to manage expenses and receipts – you can track all expenses through our secure platform and receive comprehensive reports on expenditure.

Prepaid cards in the future

It seems clear that the use of prepaid cards, both closed loop and open loop, is likely to continue rising. If you’re looking for a smart solution to rewards, expenses, and business payments, the flexible payment solutions from B4B Payments could be the answer. Our products allow you to track and manage expenditure, whilst giving freedom and flexibility to employees. If you’re interested in streamlining payments and incentives with prepaid cards and would like more information, get in touch