FAQs

THE BANK

Banking Circle is a fully licenced next generation Payments Bank, designed to meet the global banking and payments needs of Payments businesses, Banks and online Marketplaces. Banking Circle solutions power the payments propositions of more than 200 regulated businesses, Financial Institutions and Marketplaces.

Banking Circle is wholly focused on delivering a payments solution for Payments businesses and Banks that is invisible to end users but enhances the customer proposition of Payments businesses and Banks – without upfront investment in systems or process changes.

Our mission is to make international payments feel like local payments. To achieve that, we’re taking on a job that very few other banks or FinTechs want to tackle to reduce the cost and time of international payments. We provide a suite of unique and award-winning banking solutions, including multi-currency bank accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market leading compliance and security.

Through bespoke, flexible, scalable and futureproof solutions Banking Circle is enabling Financial Institutions to help their customers transact across borders in a way that was previously not possible.

Established in 2013 and launched in 2016, Banking Circle has grown rapidly, gaining its banking licence in 2019 and processing 6% of European B2C e-commerce payments in 2020.

In September 2018, Banking Circle was acquired by EQT VIII and EQT Ventures, in partnership with Banking Circle’s founders. The acquisition has seen EQT support Banking Circle’s continued acceleration of its growth strategy, in existing and new geographies, as well as the expansion of the product portfolio.

Headquartered in Luxembourg, Banking Circle has offices in the UK, Germany, and Denmark.

Banking Circle S.A. has been granted authorisation as a credit institution (Bank number LUB00000408) in Luxembourg by the European Central Bank in accordance with Luxembourg Law of 5 April 1993 on the financial sector and Council Regulation (EU) No 1024/2013. Banking Circle is under the supervision of the Luxembourg Commission for the Financial Sector (www.cssf.lu). The authorisation granted enables Banking Circle to carry out financial service activities within the European Union and in countries with which the European Union has entered into an agreement for the financial area.

Please visit our regulatory information page for more details.

WHY BANKING CIRCLE

Payments traditionally take 5 days and cost 50 euros per transaction. This is too slow and too costly and is hampering global trade as the move to digitalisation accelerates.

Banking Circle is addressing this anomaly by providing Banks and Payments businesses with direct access to clearing in multiple countries, meaning faster and more cost-effective international payments for their business customers. The end game for Banking Circle is to see cross-border payments cost 50 cents and take 5 minutes.

With Banking Circle, Payments businesses and Banks can offer their customers banking services to help them trade domestically and globally, efficiently and at low cost.

As a tech-led Payments Bank, at the forefront of the digitalisation revolution, Banking Circle is a strong partner for Financial Institutions and Payments businesses. Responsible for a staggering 6% of European B2C e-commerce flow and processing more than EUR 250 billion in payments a year, we have built the first and only real-time clearing and settlement network for 25 currencies that delivers fast, low cost payments – with no hidden fees for the beneficiary.

Banking Circle is connected to three direct clearings and 12 local payment schemes. We offer multi-currency accounts, local IBANs, payments and collections in 25 currencies, and have an intelligent routing system that enables payments to be executed as quickly and efficiently as possible. As a result, the entire B2B financial ecosystem benefits – Banks, Payments businesses and FinTechs can access a global network of clearing and settlement so that they can offer a full cross-border banking solution that makes international payments feel local, without the need for multiple banking relationships. We give Banks, Payments businesses and FinTechs a local presence in the markets they want to serve without them having to invest in a physical presence.

The future of banking is in ecosystem models: financial institutions including Banks and Payments businesses working together with financial utilities, building alliances with partners that complement their own customer proposition, allowing them to provide the best, most cost-effective and efficient solutions.

Utilising Banking Circle’s unique, 100% cloud-based platform, Banks, FinTechs and Payments businesses gain direct access to clearing that bypasses the old, bureaucratic and expensive systems.

Banking Circle’s intelligent routing system ensures payments are always processed via the most cost effective and most efficient route. This speeds up payments, reduces transaction costs and landing fees and eliminates operational errors and admin costs. We provide local and cross-border payments in 25 currencies.

Our cloud-based de-coupled architecture means we can react quickly to changing client demands, and provide ever-faster payments, particularly when compared to traditional banks that are anchored by legacy technology and processes.

Banks, Payments businesses and online Marketplaces choose us because:

  • We’re faster and lower cost than the traditional banking network
  • They gain access to a global network of clearing and settlement
  • We can handle global payments in 25 currencies including direct clearing in 12 currencies
  • They can connect to our proprietary cloud-based payments technology via web, SWIFT, API or SMTP
  • Our solutions are all underpinned by market-leading secure and compliant AML

BECOMING A PARTNER

Banking Circle is already working with Banks and Payments businesses of all sizes around the world. Please contact your Payment Service Provider to find out if they offer Banking Circle solutions.

Businesses already benefitting from Banking Circle’s market-leading propositions include Banks and Payments businesses of all sizes. For more information, please complete our contact form and a member of our team will contact you.

Merchants have access to Banking Circle propositions via their bank or Payment Solution Provider. Please contact your bank or PSP to find out if they offer Banking Circle solutions.

Banks and Payments businesses who are clients of Banking Circle can provide their underlying customers with banking services including accounts, international payments, settlements and FX. Your Banking Circle account manager will set this up for you.

We do not offer our services directly to merchants. Payments businesses and Banks provide merchants with the benefits of the Banking Circle propositions embedded within their own services. Please contact your Payment Service Provider to find out if they offer Banking Circle solutions.

No – all Clients of Banking Circle are able to open an unlimited number of accounts to serve each of their suppliers or underlying customers.

PAYMENTS WITH BANKING CIRCLE

Banking Circle provides a range of offerings to meet the needs of Banks, Payments businesses and online Marketplaces. Our banking solutions include accounts, international payments and settlements, and FX.

Through Banking Circle, Banks and Payments businesses can access the local payment rails of twelve currencies, gaining access to payment schemes including Faster Payments, Bacs, CHAPS, SEPA and the Danish national intraday clearing system. Businesses can receive funds within minutes of clearing, rather than having to work to conventional banking timescales.

Banking Circle enables transactions to be completed in 25 currencies, with more on the way. Please click here to see the full list of currencies.

Banking Circle offers competitive FX rates through direct sourcing access to a deep daily FX liquidity pool. Our highly-competitive rates are provided at a pre-agreed margin.

Payments sent within the Banking Circle ecosystem (i.e., between Banking Circle accounts) are completed instantly, regardless of geography. Payments sent to bank accounts outside of Banking Circle will arrive on the same day or the next day, depending on when the payment instruction is sent. Same day payment cut off times can be found here.

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