Banking Circle Partners with Skydo to Accelerate Cross-Border Collections for Indian Businesses
- Banking Circle and Skydo partner to simplify cross-border payments for Indian SMBs and freelancers, aiming to reduce costs by up to 80%.
- Skydo expands services to the UK, EU, and Australia, targeting $1 billion in FX fee savings for Indian businesses over three years.
- The partnership leverages Banking Circle's global network and Skydo's platform to offer more local payment options and streamlined international transactions.
Banking Circle, a fully licensed next-generation bank with access to central banks, has formed a strategic partnership with Skydo, a cross-border payments platform for MSMEs and freelancers. Together, they aim to make international transactions as easy as local ones by reducing costs and settlement times.
With a clear flat-fee pricing model, real-time exchange rates, and no processing fees, Skydo helps India's SMB exporters save up to 80% on forex transaction costs, simplifying payments and increasing profits.
Partnering with Banking Circle, Skydo now offers its customers in the UK and EU more local payment options and expands its cross-border collection services to new markets like Australia. This supports Skydo's goal of saving Indian businesses $1 billion in FX fees over the next three years.
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“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.”
Banking Circle and Skydo are financial modern technology platforms 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.
According to the official announcement, this mutual partnership is expected to expand further as Banking Circle grows its presence in Asia and Skydo plans to introduce more currency options and payout capabilities for Indian businesses.
Edited by Harshajit Sarmah
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