FOMO Pay, a Singaporean payment solution provider, is teaming up with Banking Circle, a Luxembourg-based bank, to offer more collection and payment services for corporate clients in the Asia-Pacific (APAC) region, according to a press release.
With Banking Circle’s capabilities for Collection on Behalf of (COBO) and Payment on Behalf of (POBO), FOMO customers will get more accurate and speedier identification of the payers and payees in both international and domestic multicurrency B2B transactions, the release stated. That will allow for clients to have less payment and invoice reconciliation and processing time.
Having COBO and POBO will also cut down on fraud and add more treasury forecasting and credit risk monitoring, according to the release. And there will be more visibility for cash flow and less compliance risks for anti-money-laundering (AML) and know your customer (KYC).
“Our enduring commitment to providing a comprehensive and robust one-stop payments solution has brought us to this partnership with Banking Circle,” said FOMO Pay Co-Founder Zack Yang in the release. “Banking Circle’s industry-leading COBO and POBO expertise will enable our clients to focus more on their business and spend less time on reconciliation and monitoring. We look forward to deepening this partnership as we continue to reinvent the payment experience for our customers.”
Banking Circle’s services include building a local clearing network for any big currency, intending to deliver efficient, low-cost payments without hidden fees, the release stated. It also offers multicurrency banking accounts, virtual international bank account numbers (IBANs) and bank connections for local clearing and cross-border payments.
Earlier this month, Banking Circle partnered with VertoFX, a B2B cross-border payments provider, in order to make international payments easier. The project will let Verto use Banking Circle’s IBAN solution and local pay rails to make pay-ins and cross-border payments less complicated.
Read more: Verto, Banking Circle Partner on International Payments
