+Who is Banking Circle?

A new, fully licenced bank, Banking Circle is free from legacy systems and delivers financial infrastructure built for payments and banking in today’s market.

We deliver banking services today’s businesses need – wherever they are located. Payments companies and Banks of all sizes can compete in the global market, backed up by fast, low cost banking solutions, compliantly and securely.

Established in 2013, Banking Circle is underpinning the service proposition of Payments businesses and Banks, helping them provide their customers with faster and cheaper banking solutions, without the need to build their own infrastructure and correspondent banking partner network.

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

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.

+Where does Banking Circle operate?

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

+What is Banking Circle?

Banking Circle is a fully licenced bank, leading the rise of a super-correspondent banking network. Banking Circle gives Banks and Payments businesses direct access to clearing that bypasses traditional, outdated and inefficient systems.

Banking Circle provides financial infrastructure for Payments businesses and Banks, allowing them to provide their customers with banking services – from international payments to settlement accounts, FX to compliance – to help them trade domestically and globally, efficiently and at low cost.

Banking Circle allows financial institutions to provide their customers with banking services – from local and cross border payments to loans – to help them trade domestically and globally, efficiently and at low cost.

+Why is Banking Circle needed?

Currently the traditional banking model for international commercial payments adds significant cost and time to transactions. Banking Circle is designed to increase financial inclusion by giving Banks and Payments businesses direct access to clearing that bypasses old, bureaucratic and expensive systems.

Payments businesses and Banks can offer their customers banking services – from international payments to settlement accounts, FX to compliance – to help them trade domestically and globally, efficiently and at low cost.

+How does Banking Circle work?

Banking Circle is a new bank and financial utility, which gives Banks and Payments businesses the opportunity to provide their customers with access to international banking solutions – including international payments, accounts, FX and compliance – without the need to invest in developing and deploying solutions in-house.

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.

Banking Circle is empowering Banks and Payments businesses to support their customers’ international trading ambitions, without the need for multiple banking relationships, whilst reducing risk and the operational cost of transactions. Businesses which were previously financially excluded are now able to participate in the digital economy in a way that was not previously possible.

+How do I sign up with Banking Circle?

Businesses already benefitting from Banking Circle’s financial infrastructure include Banks and Payments businesses of all sizes. Merchants have access to Banking Circle solutions via their bank or Payment Solution Provider. For more information, please complete our contact form. A member of our team will then contact you.

+What are the benefits of Banking Circle?

Banking Circle enables Banks and Payments businesses to extend their value chain and product offering by allowing them to plug directly into our technologically advanced banking infrastructure.

These organisations can offer their customers accounts, international payments, settlements, FX and compliance. They also gain direct access to clearing that bypasses old, bureaucratic and expensive systems.

+How do I access Banking Circle’s services?

For more information, please complete our contact form. A member of our team will then contact you.

+How can I offer the benefits of Banking Circle to my merchants?

Banks and Payments businesses who are clients of Banking Circle can provide their merchants with banking services including accounts, international payments, settlements, FX and compliance. This can all be done through a secure web-interface branded in your company name. Your Banking Circle account manager will set this up for you.

+As a Client of Banking Circle, is there a limit to the number of accounts I can open?

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

+How can I offer Banking Circle to my merchants?

Clients of Banking Circle can provide their merchants with banking services including IBAN accounts, cross border payments, and foreign exchange. This can all be done through a secure web-interface branded in your company name. Your Banking Circle account manager will set this up for you once you have been signed up.

+As a merchant, can I access Banking Circle’s solutions?

We do not offer our services directly to merchants. Merchants can access our services via Payments businesses or banks that are clients of Banking Circle. To find out if your Payment Service Provider offers Banking Circle solutions, please contact us.

+Who uses Banking Circle?

Banking Circle is already working with Banks and Payments businesses of all sizes around the world. To find out if your Payment Service Provider offers Banking Circle solutions, please contact us.

Banks and Payments businesses bank on us to access banking services anywhere, quickly and at low cost, compliantly and securely.

Payments businesses can:

- Offer banking services to their clients, including: accounts, payments, FX and compliance
- Improve cash flow through enhanced speed of settlement
- Build client loyalty and retention through added value
- Get direct access to clearing, bypassing bureaucratic and expensive systems

Banks can:

- Reduce overheads through lower operational cost of transactions
- Reduce administrative resource needed to identify transaction laundering and lower risk
- Service global markets and extend their service offering to encompass different payment types
- Offer non-core banking services to their clients, including virtual IBANs

+What is the account setup process for Merchants?

Your payment services provider will submit an application on your behalf.

+What payment types and methods are accepted?

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

Through Banking Circle, Banks and Payments businesses can access payment methods including Faster Payments, BACs, CHAPS and SEPA. Banking Circle also has a wide range of local payout capabilities. Businesses are able to receive funds within minutes of clearing, rather than having to work to conventional banking timescales.

+What is an IBAN account?

Any organisation wishing to make international transfers requires an International Bank Account Number – IBAN. The IBAN is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions.

+What is SEPA?

SEPA stands for Single Euro Payments Area. It is the area in which individuals and businesses can make and receive card and electronic payments in euros, across Europe, simply, cheaply and efficiently, regardless of their location.

+What are SWIFT payments?

The SWIFT international payment network is one of the largest financial messaging systems in the world. SWIFT codes are used when transferring money between banks, particularly for international wire transfers.

+What are Faster Payments?

The Faster Payments Service (FPS) allows the submission of GBP payments with a guaranteed delivery time for the beneficiary to receive funds in near real-time. The current guaranteed delivery time is two hours although payments are typically credited within 15 seconds.

+What is BACS?

BACS is the oldest electronic payment system in operation in the UK. Formed in early 1968 as the Interbank Computer Bureau, the transmission of BACS payments has changed very little over the past 50+ years.

BACS is a UK domestic file-based payment method available in GBP only. BACS payments take three working days to clear and can be cancelled up until midday of day two in the processing cycle.

Banking Circle accepts inbound BACS payments only.

+What is CHAPS?

CHAPS is a same day payment type available in the UK only – including Isle of Man, Guernsey, Jersey & Gibraltar. The clearing infrastructure is owned and managed by The Bank of England.

+What currencies does Banking Circle handle transactions in?

Banking Circle enables transactions to be completed in 25 currencies. Please click here to see the full list of currencies

+How do I ensure I get the best FX rates?

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. Read more about our FX services here.

+How fast are transfers?

Cross border transfers are made instantly between Banking Circle clients, and reach external recipients by the next day (provided payment instructions are sent by our cut-off times, please see here).

+How much does it cost to join the Banking Circle?

Pricing is provided on application – based on the value of transfers to be made. Contact us to find out more.

+How is Banking Circle regulated?

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.

Get in touch

Email us at info@bankingcircle.com and our team will be in touch shortly.

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