Member News: Banking Circle improves payments transparency with 'payments on behalf of'
Member Banking Circle announced on September 9th, 2020 that it is tackling the compliance and reconciliation issues often faced in global B2B payments with its new Payments on Behalf of (POBO) and Collections on Behalf of (COBO) solutions.
Available globally through SWIFT, Faster Payments, CHAPS, SEPA and local clearing, the Banking Circle POBO and COBO solutions are currently available to Payments businesses in 24 currencies and to Banks in GBP and EUR, with more currencies and local capabilities planned. Financial institutions can, therefore, manage payments on behalf of their customers, enabling funds to be sent out and received with full payment transparency, providing clarity and ease of reconciliation for beneficiaries. The service also allows Payments businesses and Banks to comply with Wire Transfer Regulations (WTR).