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Check out how organisations large and small use their prepaid Mastercard and Visa payments solution. 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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E-money leading the digital revolution for Fintechs

Last year, EY found that three out of four consumers across 27 global markets had used an e-money or fintech payment service.

The branch-based model of banking has been on the way out for a long time now – with banking available at customers’ fingertips, demand for digital has grown in huge amounts over the past decade.

In fact, in the UK, e-money and fintech are currently one of the strongest start up sectors. From 2019 to 2020, investment into the sector increased by 35% from £2.44 billion to £3.29 billion – and this was pre-COVID-19!

And, given that UK ATM withdrawals fell by £37 billion from March 2020 to March 2021, COVID has only sped up the move to digital payment.

So how has e-money led the digital revolution?

A major innovation of the past decade has been the development of neobanks.

Neobanks are similar to your regular bank but, instead of operating under the traditional branch-based model, neobanks are exclusively online, accessed predominantly via an app.

There are two type of neobank to consider: real, fully licensed banks, like Monzo, that can do everything a traditional bank can but is purely digital; and E-money instututions (EMIs), like Revolut. An authorised EMI is similar to a bank in that it provides services for customers to make payments and store their money digitally but has some key differences.

Unlike a bank, EMIs often can’t store customers’ money themselves. Instead, money is held by a licensed bank (such as Lloyd’s or Barclay’s) and the EMI provides payment services only. While this means that an EMI can’t give interest on accounts, customers money is kept separate from that of the EMI, which means that it will be protected should the EMI go bust.

Now, banks have been offering online services for years, so the concept of accessing money digitally isn’t new. And it’s true that, unlike a bank, an EMI couldn’t typically offer investment, deposit or credit services, unless they got additional authorisation. However, despite being subject to strict licensing, regulation and oversight, they can be set up much more quickly and efficiently.

This does of course mean that the services an EMI can offer their customers are more limited than those of a bank but what makes an EMI so revolutionary is that, they can be more agile and therefore more easily adapt to emerging trends, as well as integrate new innovations. This means that, as fintech evolves to meet customer demand, an EMI can evolve with it, where a bank wouldn’t be able to quite so easily.

So why are neobanks so popular? 41% of people who opened a digital-only bank account did so in 2020 because it’s more convenient, 39% because they offer better rates, and 28% because transaction fees abroad are cheaper.

What’s more, neobanks and EMIs have plugged a gap and made complex processes simple and easy. PayPal was the first online international money transfer company to provide a simple solution to complicated and expensive fund transfers that historically only a bank could facilitate.

So, with EMIs able to develop this fintech that customers are demanding without the same red tape as a bank, e-money and digital payment services can slot very easily into other sectors.

As Angela Strange, general partner at a16z, once said, ‘Every company will be a fintech’.

Through e-money and digital banking, businesses can now offer simpler and more convenient products and services to their customers – and it’s not just about simpler payments but the whole customer experience.

Look at transport – the days of handing over loose change for a bus fare or scrambling coins together for a taxi are on the decline. Customers can now get from A to B digitally through pre-paid travel cards, and can even track their transport and split their fare through taxi apps like Uber. E-money isn’t just making the payment simpler but the customer experience too.

E-money has also revolutionised retail and hospitality. Loyalty cards, like Nectar and Clubcard, give customers e-money in return for repeat custom to gain discounts on future purchases. You’ve even got Starbucks and Greggs letting customers order food in advance and skip the queue to collect, meaning that the little pleasures can fit seamlessly into customers’ day-to-day lives. Again, e-money hasn’t just made it easier to pay but has made the whole shopping experience simpler and more flexible.

And it’s not just customer spending that’s been revolutionised but the spending of businesses themselves. Where previously, internal finance teams had to keep hundreds of even thousands of pounds worth of petty cash on site and complete lengthy and complicated expense and approval processes, now departments and individual staff members can have e-money transferred to prepaid cards within minutes, and spend can be tracked through a central, digital system.

The digital revolution is in full swing – with fintech now taking top spot in the UK’s strongest start-ups, businesses are flocking to take full advantage.

So don’t be left behind: contact B4B Payments today to see how we can help you be part of e-money’s digital revolution.

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Overcoming legacy payment processes in universities

Young woman shopping online with credit card and lap top at home

Universities can have enormous incomes, with larger universities bringing in millions and, in a couple of the more prestigious ones, billions.

But with universities typically operating as not-for-profits, there’s just as much going out as there is coming in, which means that internal finance teams have a heavy workload.

With so much to keep track of though, we understand that modernising and streamlining some of your processes can be a massive undertaking in itself. But at B4B Payments, we can help.

So how can universities transform their legacy payment processes?

Tuition Fees

Tuition fees can make up 80% of a university’s income but processing these payments can sometimes be old-fashioned. Some universities still request cash, card or cheque payments, meaning that the act of paying tuition fees is not quite as simple as tech savvy students would hope for.

With students paying as much as £9,250 in tuition to universities, it’s understandable that they expect a high quality service, however in 2018 the Higher Education Policy Institute found that over one third of students didn’t feel that their university was value for money.

As a minimum, payment processes should be seamless and require minimum effort. Parting with this amount of money needs to be done transparently and efficiently.

For many students, payments have to be made via Student Finance England and there’s no way around that, but a significant number of students will be paying tuition directly to the university, either in part or in full. This is particularly the case for international students.

One third of international students come to the UK from China, where almost half of the population use mobile payments. Add into that; currency conversion rates, old fashioned methods of payment, such as cash and cheque, and the fact that international fees can be as much as triple the UK fees cap, payments become much more complicated. So it’s important that paying tuition fees takes a step towards digital to make it simpler and more intuitive for the students who are paying.

B4B Payments’ flexible payment solutions allow for the creation of virtual IBAN accounts, giving you the power to receive payments in 25 currencies with great-value FX rates and no hidden fees. With the option to receive international payments via Faster Payments, CHAPS, SEPA, ACH and more, students have a range of reliable, fast options for making their tuition fee payments in their local currencies.

Departmental Spending

With a staff team of thousand and dozens of departments, expenses and departmental spending can be massively complicated. The internal finance team have a huge weight of responsibility on their shoulders to keep the university running smoothly and, with lengthy processes and complex budgets to keep track of, this is no easy feat.

A great way of getting on top of and monitoring departmental spending is by rolling out prepaid cards for staff or departments.

Using these cards, the finance team can immediately respond to financial requests, transfer funds onto cards and keep tabs on what’s been spent in one integrated system. Staff can also upload images of receipts, essentially automating the reporting process and taking a huge burden off internal finance teams.

What’s more, staff can have control over their own budgets. By scheduling transfers onto the cards monthly or even weekly, staff can spend from their budgets with less back and forth. This means they can purchase their own resources and book their own venues without needing to ask finance to do it for them, spreading the admin more evenly across the university – another burden off the finance team.

Not only that, the staff expenses process will run much more smoothly too. By having access to their budgets on a prepaid card, staff can purchase train tickets or lunch expenses straight from the pot. This means that the lengthy process of buying out of their own pockets, filling in an expenses form, scanning receipts, having it processed by the finance team and receiving reimbursement up to a month later will be a thing of the past.

And, for special requests that may fall outside of usual departmental spending, finance can approve and transfer funds to the right person in a matter of minutes.

This streamlines processes significantly and also means there’s much less need for staff across the university to handle cash. Prepaid cards mean that, if staff need petty cash, they can withdraw this and manage it themselves – finance will not necessarily be required to keep large amounts of cash on campus.

Taking it a step further, prepaid cards could also be issued to students for use in campus shops and canteens, which means that even retail on campus can be cashless so there’s no need for totting up money to pay into the bank. Everything is already digitally transferred at the point of contact. Universities could even work with individual suppliers to incentivise “on campus” spend where appropriate.

Payments to Students

As well as tuition fees and departmental spending, another key benefit of prepaid is the ability to transfer funds to students. This might sometimes take the form of a scholarship or bursary, or it might be the transference of a hardship fund.

Historically, this may have been done via bank transfer or even cheque, but both incur risks – a bank transfer is open to fraud and a cheque can always get lost. But by issuing students with a prepaid card at enrolment, the university can get money to students’ pockets immediately and without the risks incurred by the more old-fashioned methods. Prepaid cards are inclusive for those without bank accounts, provide instant access to funds for foreign students and can used for standalone projects such as research and trials.

From implementing digital systems to allow for straightforward tuition fee payments to rolling out prepaid cards, there’s a whole range of options available to streamline your processes and take some of the burden off your finance team – and we’re here to help.

To find out how we can help you overcome your legacy payments issues, get in touch with B4B Payments today.

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Using prepaid cards to motivate an online workforce

Online working has taken off big time over the past couple of years, for obvious reasons.

Although the pandemic necessitated remote-working, businesses across the globe have seen the benefits, from the ability to recruit a more diverse staff team without geographical restraints to cost savings from not powering an office at full capacity.

However, remote working isn’t without its drawbacks. Without frequent face-to-face interaction with colleagues, some people may feel isolated, and some processes, like handing over cash for work purposes, might now feel like a nightmare.

So what can you do to motivate your online workforce?

Monthly lunch on the house

Before lockdown, it might have been a regular motivational strategy to treat your team to lunch every now and then. It’s a great way of getting the team away from their desks, chatting to each other and getting a little reward at the same time.

Obviously though, where teams are working remotely, this isn’t possible quite so regularly. Of course, you can go down the ‘Zoom or Teams lunch’ route to maintain the social aspect but there’s no reason you can’t provide the food from afar too!

By issuing your team with prepaid company cards, you can schedule cash transfers as frequently as you choose to pay for lunch as a thank you for hard work. And to make sure it’s going where you want it to go, you can specify which retailers that money can be spent with.

Presents

The old method of discreetly emailing the team and keeping an envelope of cash contributions in a drawer for birthday presents, leaving gifts or special occasions is on the decline. With people working remotely, the practicalities of slipping a few quid to the birthday pot every few weeks is tricky. And, as teams grow, knowing what to get someone from the team can be just as difficult.

But collections can still happen remotely!

Giving prepaid cards as presents for your team, whether they’re expecting a child, getting married or celebrating a birthday, can still be a personalised gift. By specifying a type of retailer – or even leaving it open as a simple cash present – you can show your employees how much they are appreciated by their employer and their wider team.

And the process of getting contributions from the team doesn’t need to be complicated either. Your team can transfer money directly onto the gift card from their own, rendering the old, complicated envelope in the drawer method null and void!

Entertainment passes

A happy employee gives more at work and leisure time is just as important for keeping your team refreshed and motivated as the time spent at work. So why not give your team some entertainment to help them wind down and to show them that they’re appreciated?

Cinema tickets are a typical perk that many organisations gift their employees, so that’s always an option – every month, transfer funds to their branded prepaid cards and specify which retailers that the money can be spent on to give your team the opportunity to see a film after work.

Or, moving into the modern age, why not pay for a streaming service, such as Netflix, Now TV or Disney+? You could even provide entertainment for while your staff are working. Studies have shown that listening to music can make workers not only more efficient but also feel happier as they work, so why not pay for a music subscription, such as Spotify, Apple Music or Amazon Music?

Pay expenses and give your team control

Using a prepaid company card, you can speed up the expenses claims or even pay expenses in advance. Through a simple app, your team can upload receipts to your finance team and have payment reimbursed as quickly as you choose!

This means that staff are spending less time out of pocket for work and, if they’re heading to a meeting at month end and need a train fare, money doesn’t have to be a factor in whether or not they can attend.

What’s more, petty cash doesn’t have to be complicated. Some staff, particularly charity workers who need to reimburse beneficiaries their travel and meal deal expenses, need daily access to cash – but this is messy for all involved. It’s difficult to get that cash to the employee in the first place if they work predominantly online and keeping hundreds or thousands of pounds worth of cash on site is risky.

By issuing your team with prepaid cards, all of this can be done virtually and, importantly, safely. Staff can request and receive the money they need with a fast turnaround and without the need to travel to the office to collect it. On top of that, they can take control of the change that they need – no longer do finance have to keep a store of 10 and 20p coins! The whole process is faster, simpler and safer, and it gives staff control over their own budgets – this can only help to motivate your team.

Interested in using prepaid to motivate your own workforce or have your own ideas? Get in touch with B4B Payments to see how we can help!

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Global and innovative solutions for decentralised trials

The Covid-19 pandemic has had a massive impact on clinical trials. As many people globally were unable or unwilling to leave their homes for a large portion of 2020, researchers had to develop new and innovative ways of gathering information for life-saving treatments.

While decentralised trials weren’t exactly new before the pandemic, only 34% of developers used them and they were mainly for rare diseases, where subjects were difficult to source, for paediatric trials, and for lower level chronic diseases like asthma and dermatology.

Now, though, the global clinical trials market is expected to grow at a rate of 5.7% per year until 2028, and with good reason. Decentralised trials have been proven to be effective and desirable for a number of reasons, a key benefit being the removal of barriers for patients. By bringing the trial to the patient, rather than asking patients to come to you, researchers have found not only a greater number of people willing to participate, but that it’s reduced costs as well.

There’s a whole range of tech out there to make decentralised trials run smoothly, so what does some of that look like?

Wearable devices

The usage and popularity of wearable devices like Fitbits, Garmins and Apple watches have grown massively over the past decade. In fact, the total number of wearable devices in use globally has more than doubled over the past three years and is expected to exceed one billion this year.

While the devices used recreationally to monitor heart rate, sleeping patterns and activity levels aren’t accurate enough for clinical trials, more sophisticated wearable tech, such as skin patches and smart pills, has huge potential. Sensors that track constant, real-time physiological data with necessary precision provide a great opportunity to gather patient data from a distance, without the need to travel to a trial site.

What’s more, the data captured is taken from a real-life setting, with patients going about day-to-day activities as normal, which means that data can be understood and interpreted in context.

And, with similar, commercial devices already very popular, wearable sensors make for a widely understood and accessible method of engaging trial subjects, removing a potential barrier for volunteers and empowering them to understand their own health.

Fluid communications

A key benefit of decentralised trials is the ability to communicate with patients regularly. Without the need to travel to test sites, communication can be much more flexible, fluid and, importantly, accurate.

The use of apps allows patients to make diary entries, complete questionnaires and speak to healthcare professionals from the comfort of their own home or even on the move. Results of trials can be uploaded and analysed in real-time, without the risk of human error in inputting. On top of that, with a virtual distance between patient and healthcare professional, subjects are more likely to be honest and less likely to omit information that they’d rather not discuss face-to-face.

What’s more, virtual communications allow for scheduled updates and reminders to be sent to patients on their mobile devices, meaning that information can be reliably gathered and submitted on time, with minimal fuss.

As well as this, the use of virtual communications tools allows trials to be accessible to multiple languages, meaning that patients can be recruited from a much more diverse, global pool.

And let’s not forget that apps allow for full audit trails and functions for capturing e-consent, meaning that security and protection of patient data can be top-notch.

Incentivising with Fintech

An important aspect of clinical trials is keeping participants engaged and often volunteers are compensated financially for their contributions.

In the context of decentralised trials, fintech innovation can play an important role in keeping patients on board and compliant throughout the trial but also in future trials. Card-based reward schemes can offer participants immediate return on their contributions – for every diary entry submitted or questionnaire completed, patients can immediately access their financial reward through a branded card.

With the ability to reward immediately and virtually, patients can take part in a trial and get immediate return from anywhere in the world. And, with a branded card already in their wallet, participating in future trials will be at the forefront of patients’ minds.

The Covid-19 pandemic has brought decentralised trials front and centre, proven to increase the number and engagement of volunteers. There are a wealth of digital methods out there to help the development of pharmaceuticals run smoothly and effectively – from wearable tech to communication and fintech, global decentralised trials have a range of opportunities available for better data collection and valuable clinical trial results.

To find out how we can help with your decentralisation of clinical trials, talk to B4B Payments today.

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CEO of B4B Payments shortlisted for Director of the Year

We are thrilled to announce our Co-Founder and CEO has been shortlisted in the UK FinTech Awards 2022 for ‘Director of the Year’.

The UK FinTech Awards were developed to celebrate the incredible financial technology market, and the achievements and successes of the best and brightest of all four nations.

The year 2020 was one of the most tumultuous years in recent history. However, a strong leader provides direction, inspiration, and guidance during both the calmest and stormiest of times. Built on decisive action taken during the pandemic to secure the future of our business, B4B Payments has gone on to have an incredible year in 2021.

Paul’s strong vision has helped create a great place to work for staff who have committed wholeheartedly to supporting the needs of our clients and cardholders. It is wonderful to receive this recognition as B4B begins an exciting new chapter with expanded payment capability and new products.

The awards ceremony is taking place on 20 April 2022 at Leonardo Royal London St Paul’s and promises to be a must-attend event.

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How to incentivise charity volunteers with prepaid cards

In 2020/21, around 28 million people In 2020/21, volunteered in England, 19 million of whom volunteered at least once a month.

Volunteers can take many forms, from on the ground support working directly with beneficiaries, through back-office, front-of-house, creative media, 10k runs, to corporate relationships and ambassadorial roles. And let’s not forget trustees!

In 2020, there were around 163,000 voluntary organisations in the UK, most of whom relied on volunteers. But, with so many people volunteering their time and skills for so many different reasons, and with volunteers playing such a vital role for charities in the UK, how can we keep them coming back?

Give rewards

Many charities rely heavily on volunteers because funding in the sector can be, at times, tricky to come by and even trickier to sustain. With charity employees often taking on multiple roles and spinning multiple plates at once, volunteers are a great way of easing the burden on the team and reducing staff costs, meaning more money can go towards the charitable purpose of the organisation.

However, while volunteers are essential, they are just that – volunteers – so it’s important to still find ways of showing appreciation even when they’re not being paid. Reward schemes can be a great way of doing that.

Offering prepaid ‘thank you’ cards to volunteers, either for one-off jobs or on a milestone basis, are a great way of showing them just how much you value them. They’re not in it for the money but a token of thanks goes a long way to showing that their time and skills are appreciated and will make them all the happier to volunteer again and again.

On top of that, a branded card in a volunteer’s wallet will keep your charity and your cause at the forefront of their minds, meaning they’ll be more inclined to offer support again in the future.

Form partnerships

All charities know the importance of corporate partnerships as a way of bringing in a diverse, unrestricted income stream but there are many different forms that these partnerships can take.

Developing relationships with local businesses can bring great opportunities to your charity – and it can go a long way in not only incentivising your existing volunteers, but bringing in new ones too.

Corporate businesses are often crying out for opportunities for their staff to volunteer as part of their corporate social responsibility strategies, so creating a package to help them hit their volunteering quotas can be very well received.

Consider team challenges for different departments. Which team can raise the most in a bucket collection, bag pack or 10k run? Which team can deliver the most exciting youth work activity? Incentivise them with a prepaid card to spend on a team meal out and watch them come back to volunteer again.

You could also consider partnerships with local retailers to gain discounts for your staff and volunteers. When paying with a branded prepaid card, staff can gain exclusive discounts and retailers can benefit from increased custom so it’s a win-win all round.

Make it easy

Another key consideration in incentivising volunteers making sure that they’re able to offer their time, skills and services in a straightforward way. Volunteers don’t typically get anything in return so, if they think it’s a hassle, they’re not likely to come back again.

There are lots of ways you can make their time with you easy, from seamless sign up and induction processes to effective line management and a solid feedback loop. And finance is just as important.

Offering volunteers a branded prepaid expenses card to cover lunch and travel is a great way of not only making sure that they don’t have to spend any of their own money or go through a lengthy expense claim form for an afternoon’s work, but it’s also a great way of empowering them, making their volunteering experience smooth, and showing them that their needs have been considered too.

Volunteers are an absolutely vital part of many charities in the UK, offering their time, skills and expertise with no expectation of anything in return, other than the knowledge that they’ve done a good thing and gained some experience along the way. With such kind-hearted and wonderful people keeping the charity sector ticking over, making sure that they know they’re fully appreciated is of the utmost importance!

To find out how we can support you in incentivising your volunteers, contact B4B Payments today.

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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

www.b4bpayments.com

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.