Circle is launching a cross border payment network to connect banks, payment businesses and digital wallets.
In an announcement timed to coincide with Money 20/20 Asia, the company said the Circle Payments Network has been built with input from the world’s largest banks including Banco Santander, Deutsche Bank, Société Générale, and Standard Chartered. BCB Group was also among the global design partners consulted.
CPN, it claims, will offer a solution to the current fragmentation of global payment systems.
Jeremy Allaire, co-founder, chairman and CEO of Circle, said the announcement is in keeping with the company’s vision to “make moving money as simple and efficient as sending an email.”
He said: “CPN is a significant step in making that vision a reality for businesses worldwide.”
Michael Spiegel, global head of transaction banking at Standard Chartered Bank, described Circle’s compliance-first approach to building products like CPN as “a game changer for how money moves across borders.”
He said: “Standard Chartered is continuously looking for opportunities to make cross-border payments more efficient, secure, and compliant to various regulatory requirements, globally.
“We are pleased to build on our partnership and offer them our global expertise to support the success of CPN.”
CPN will unify disparate payment networks and local currencies, enabling 24/7 real-time settlement using stablecoins, Circle said in a statement.
Oliver Tonkin, Co-founder and CEO at BCB Group, said: “We are absolutely delighted to be a design partner for the Circle Payment Network.
“Driving stablecoin adoption and expanding the use cases for stablecoin payments is a core part of BCB Group’s strategy, and Circle’s focus on regulatory compliance and transparency aligns perfectly to our own strategic priorities.”
Nikhil Chandhok, chief product and technology officer at Circle, added:“Circle Payments Network is a foundational layer for the always-on economy, enabling trusted institutions to move value across borders, instantly.
“With programmable infrastructure at its core, CPN makes it possible to embed value transfer into modern financial applications in ways that weren’t feasible before.”
