Banking Circle adds GBP on Faster Payments

With its tech-first approach, Banking Circle is driving the evolution of global payments infrastructure which goes to the heart of financial inclusion. There is a clear market appetite for cutting edge, fast and cost-effective solutions, with in-built compliance, providing a genuine alternative to traditional correspondent banking and removing many of the barriers to cross-border payments.

Banking Circle already offers direct clearing for EUR payments. Now it has received Pay UK approval to add GBP on Faster Payments to its payments rails, which means it can go even further to break down payment barriers and increase financial inclusion for businesses around the globe.

It also puts Banking Circle in a new league ahead of its competitors: no other bank outside of the incumbents can offer real-time payments across multiple currencies.

Benefits of GBP Faster Payments from Banking Circle:

  • Payments are usually instant and are processed in a maximum timeframe of 2 hours
  • Funds received across the UK, including the Isle of Man, Guernsey, Jersey and Gibraltar
  • 24/7/365 access
  • Maximum FPS limit of £1,000,000 per transaction
  • Capable of handling significant payment volume
  • Faster Payments was introduced to reduce the time it takes for transfers to clear, which is quicker than a BACS payment

Banking Circle has been offering GBP on direct rails for Faster Payments to ‘Friends and Family’ since September 2022. The successful completion of this stage now means Pay UK has granted full Go Live to Banking Circle, effective from 28th April 2023.

Launched with a vision to improve payments for businesses trading locally and internationally, Banking Circle is committed to the continual development of its entire offering – customer-facing solutions and back-office processes alike. The bank has ambitious plans to build a super-correspondent banking network to enable faster and lower cost B2B payments regardless of borders. Becoming a direct participant of Faster Payments is an essential element in bringing that to fruition.


Find out more about the payment types available to Banking Circle clients


Read more about Faster Payments, Bacs and CHAPS

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