Banking Circle, a fully licensed next-generation bank with central bank access, has formed a strategic alliance with Skydo, India’s leading cross-border payments platform for Micro, Small and Medium-sized Enterprises (MSMEs) and freelancers.
This collaboration aims to simplify and reduce the cost of international payments for Indian businesses, empowering them to compete more effectively in global markets, according to FF News.
The partnership seeks to provide seamless, efficient, and cost-effective payment solutions for Indian MSMEs and freelancers operating internationally.
Through this collaboration, Skydo customers will be able to offer a broader range of local payment options in the UK and EU, while Skydo expands its cross-border payment collection capabilities into new markets like Australia.
This is a step toward Skydo’s goal of helping Indian businesses save $1bn in foreign exchange (FX) fees over the next three years.
Banking Circle, a licensed bank with access to central banks, specialises in providing infrastructure for financial institutions to handle cross-border payments with greater efficiency.
Its solutions allow financial firms to offer local and international payments, virtual accounts, and foreign exchange services without the complexities of traditional banking systems.
Skydo, on the other hand, focuses on simplifying international transactions for MSMEs and freelancers by offering transparent flat-fee pricing, real-time exchange rates, and zero processing fees.
The firm helps small and medium businesses in India save up to 80% on forex transaction costs, ultimately boosting their profitability and competitiveness in the global market.
This collaboration is expected to evolve as Banking Circle expands its presence in Asia. Meanwhile, Skydo plans to introduce more currency options and enhance payout capabilities, further benefiting Indian businesses that rely on cross-border payments.
With Banking Circle’s infrastructure, Skydo merchants can integrate seamlessly with a single API, improving the overall payment experience for international transactions.
Srivatsan Sridhar, Co-Founder and CEO, Skydo, commented, “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. 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.”
Mishal Ruparel, Chief Commercial Officer at Banking Circle added, “We are thrilled to support Skydo’s vision to help Indian merchants expand internationally. 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.”
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