Indian Businesses Get Faster, Cheaper Cross-Border Payments with Skydo and Banking Circle

Indian businesses operating in international markets are set to benefit from a new partnership between Skydo and Banking Circle, which aims to streamline cross-border payments and make them more accessible.

Skydo, a platform specialising in international payments for small and medium-sized businesses (SMBs), has partnered with Banking Circle, a fully licensed next-generation bank, to provide Indian businesses with a wider range of local payment options for their customers in the UK and the EU. This collaboration, announced on Thursday, 22nd August, aims to help Indian businesses expand their global reach by offering faster, cheaper, and more compliant payment solutions.

"We are constantly seeking global rails that make payments faster, cheaper and more compliant," explained Srivatsan Sridhar, co-founder and CEO of Skydo. "Banking Circle aligns perfectly with this objective. By leveraging their global network, we can empower even more Indian businesses to expand their operations internationally."

Skydo's platform offers a flat-fee pricing model, real-time exchange rates, and zero processing fees, potentially saving Indian SMBs up to 80% on foreign exchange transaction costs. Banking Circle, committed to governance, compliance, and reducing the cost of global payments, provides Skydo with a direct banking partner and a single Application Programming Interface (API) integration. This enables Skydo to offer its clients greater flexibility and choice when it comes to local payments and fund collection.

“Leveraging Banking Circle's virtual accounts and our local and cross-border payment rails, Skydo can streamline the payment process for its clients, reducing both costs and transaction times and opening up new, exciting markets,” said Mishal Ruparel, Chief Commercial Officer at Banking Circle.

The partnership comes at a time when cross-border payments are undergoing a significant transformation driven by the growth of global trade. According to PYMNTS Intelligence and Citi's "The Treasury Management Playbook: Spotlight on Cross-Border Payments," businesses looking to expand into new markets require seamless and efficient cross-border payment solutions to thrive.

This news follows another recent partnership announcement, where Bank of New York Mellon (BNY) and Commonwealth Bank of Australia (CBA) launched a cross-border payment service allowing businesses and individuals to receive international payments from BNY customers in as little as 60 seconds, regardless of their bank.

This wave of partnerships highlights the growing importance of streamlined and efficient cross-border payment solutions in today's global economy, particularly for businesses seeking to expand their international presence. By partnering with Banking Circle, Skydo aims to empower Indian businesses to navigate these new markets with ease and confidence.