Agency Banking

Send and receive payments via indirect access with SEPA Credit Transfer, SEPA Instant and GBP Faster Payments.

Banking Circle’s Agency Banking solution provides Financial Institutions (FIs) with a faster and cheaper access point to local payments.

The solution delivers indirect access to EURO local clearing via SEPA Credit Transfer (SCT) and SEPA Instant and GBP via Faster Payments Service (FPS). FIs can access local payment schemes without the development and administrative costs linked to direct participation with the clearing houses (ACH) or integration with multiple banks.

Through Banking Circle’s Agency Banking solution, indirect participants can issue accounts, using their own Bank Identifier Codes (BICs) and International Bank Account Numbers (IBANs) to send and receive payments. The account/IBAN will be in the localised country format, in which the FI is regulated, including their own branch code, which is obtained from their regulator or in the case of the UK issued by a Pay.UK member, such as Banking Circle.

Using their own BIC and IBANs for payments presents the FI, as the ordering party and their customer as the sender. This provides full payment transparency while keeping the Financial Institution in control of their customer relationships. Access to Banking Circle’s Agency Banking solution is provided through a single integration via API or SWIFT for all payment and collections needs. To be eligible, the FI will need to be regulated in the SEPA zone or UK to become indirect participants.

  • Indirect access to SEPA SCT via RPS SEPA Clearer through Bundesbank
  • Indirect access to SEPA Instant via TIPS
  • Indirect access to GBP Faster Payment Services via Pay.UK
  • Integrate via API or SWIFT
  • EURO zone regulated FI’s and PSPs are eligible for EUR indirect participation
  • UK regulated FI’s and PSPs are eligible for GBP and EUR indirect participation

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