Banking Circle, a fully licensed next-generation bank with central bank access, is partnering with Skydo, an India-based cross-border payments platform for micro, small and medium-sized enterprises (MSMEs) and freelancers.
Through the new collaboration, Banking Circle aims to support businesses in India that operate globally, empowering them with cost-effective payment solutions that make it easier for them to succeed in international markets.
This collaboration with Banking Circle enables Skydo’s customers to offer their buyers in the UK and EU a broader range of local payment options. It also enables Skydo to expand its cross-border collection capabilities into new markets including Australia, aligning with Skydo’s commitment to saving Indian businesses $1billion in FX fees over the next three years.
“At Skydo our mission is to simplify cross-border payments, making them affordable, transparent, and fully compliant for Indian businesses, and this partnership with Banking Circle aligns perfectly with that goal,” said Srivatsan Sridhar, co-founder and CEO of Skydo. “We are constantly in search of global rails that make payments faster, cheaper and more compliant and Banking Circle fits seamlessly with this objective. By leveraging Banking Circle’s global network, we can help more and more Indian businesses expand their operations globally.”
Skydo explains that it aims to make international transactions as seamless as local ones by eliminating high costs and lengthy settlement periods. Its transparent flat-fee pricing model, featuring real-time exchange rates and zero processing fees, enables India’s MSME exporters to save up to 80 per cent on forex transaction costs, streamlining payments and boosting profitability.
Streamlining payment processes
Mishal Ruparel, chief commercial officer at Banking Circle, also commented: “By leveraging Banking Circle’s virtual accounts as well as our local and cross-border payment rails, Skydo can streamline the payment process for its clients, reducing both costs and transaction times and opening new, exciting markets.”
Banking Circle and Skydo ae strongly committed to governance, compliance and reducing the costs associated with global payments. With a direct banking partner and a single API integration to Banking Circle’s infrastructure, Skydo can now offer its merchants a broader array of local payment and fund collection options.
The two entities also revealed that they expect to expand the partnership further, as Banking Circle grows its presence in Asia and Skydo plans to introduce more currency options and payout capabilities for Indian businesses.
