Banking Circle partners Gresham in streamlining cash control and scaling up rapid growth

Global fintech Gresham Technologies plc(Gresham), today revealed that it will be offering next-generation digital banking and B2B payments services. Banking Circle has adopted Gresham’s Control solution for cash reconciliation. Gresham is a global market leader in mission-critical cloud-based software and managed-service solutions for financial services. This allows the bank to grow more quickly and easily by facilitating the reconciliation of millions of customer transactions each week.

Although ESMA’S 2021 EMIR and SFTR data quality report acknowledged improvements, it also stated specifically that “data reconciliation will require more efforts by reporting entities,” with persistent and prevalent reconciliation, data quality, and reporting problems still present throughout the financial services industry amid increased market volatility and volume shifts.

By operating as a cloud-based managed service, Gresham’s Control solution allows Banking Circle to outsource non-core business functions, including end-to-end management of Gresham’s Clareti platform, and focus on higher-level, value-add tasks. Customers have a simpler experience and the bank’s operations are more resilient and scalable thanks to the elimination of manual processes, human error, and infrastructure management.

This partnership is part of an overall shared mission of both industry leaders who are both part of Luxembourg House of Financial Technology (LHoFT) to improve market confidence as well as facilitate fintech innovation.

Morten Juhl Lilleøre, Head of Operations at Banking Circle, said: “Gresham’s Control solution is already improving our control mechanisms while simultaneously allowing us to innovate and scale. This particular module was exactly suited to meet the challenges we’re facing today, and Gresham’s best-in-class technology stack is aligned with several of our future objectives. We’re looking forward to expanding our relationship to leverage additional solutions and services such as securities reconciliation and other key functions which are essential to our long-term competitive advantage and business growth targets.”

Vincent Him, Gresham’s European Sales Director, also contributed: “In today’s regulatory landscape, firms are not only expected to control their cash, but also provide comprehensive proof of that process. To reduce risk and ensure their future security, most firms require expertise in compliance and data reconciliation automation. These requirements can prove to be prohibitive for new business owners. We’re thrilled to deliver committed, tailored cash control support as Banking Circle focuses on expanding its business.”

Alex Panican, Head of Partnerships & Ecosystem, at The Luxembourg House of Financial Technology (LHoFT), commented: “We’re excited to see two fintech champions coming together to push the folds of what efficient cross-border payments can look like. With Luxembourg’s growing status as a fintech hub, there’s no better time or place to be investing in innovation.”

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