Business spend Fintech Pleo selects Banking Circle for streamlined payments

Pleo, Europe’s leading business spending solution, is partnering with Banking Circle for greater payment volume capacity and faster settlement times. Banking Circle is a member of the UK Faster Payments Service (FPS), as a direct participant for GBP. Through its partnership with Banking Circle, Pleo is enhancing its service with real-time direct clearing and settlement for GBP.

“Pleo was launched to transform the tedious process of managing business spending into something effortless and futureproof,” commented Thorbjørn Fink, Chief Operating Officer at Pleo. “To ensure settlements are processed just as smoothly, we need a bank that can remove complexity and process payments quickly. The Faster Payments Service with Banking Circle enables payments to be made within five minutes, delivering efficient and streamlined transactions and a great customer experience. And the partnership future-proofs us for expansion with higher than industry-average upper transaction limits.

“The partnership is also critical for our service delivery goals. There are no delays in the evenings and over weekends as payments through Banking Circle don’t need to wait to be settled in bulk. In the first month of our partnership, we processed more than 13,500 payments through Banking Circle without a single issue or delay.”

Pleo is an end-to-end business spend solution focused on removing inefficient finance processes so that teams are freed up to focus on strategic work. The Pleo solution also means that Finance teams have immediate access to real-time data and insights. Working with Banking Circle, Pleo can now extend its value chain with the addition of real-time local and cross-border payments.

Laust Bertelsen, CEO of Banking Circle added: “With both GBP and EUR available for direct clearing and settlement on Banking Circle’s payment rails, the partnership means we can help Pleo break down age-old barriers to fast, cost-effective cross-border payments for its clients.

“We are building a super-correspondent banking network to enable faster and lower cost B2B payments regardless of borders. Being a direct participant of Faster Payments for GBP is an essential element in bringing that to fruition for ambitious, forward-thinking businesses like Pleo.”