Who is Banking Circle?+

Banking Circle was established in 2013 and is behind a unique new pioneering community-based payment model, designed to remove cost and time from international business to business transactions. Banking Circle is registered as a payment institution in the European Union and is a subsidiary of Saxo Bank A/S.

Where does Banking Circle operate?+

Banking Circle has offices in Copenhagen, Luxembourg and London and provides services that facilitate international transactions across the globe.

What is the Banking Circle?+

The Banking Circle provides a seamless conduit for international B2B transfers; fees are negligible and transfers – even cross border – occur instantly within the Banking Circle.

The Banking Circle is based on the Oracle FlexCUBE secure platform.

Why is the Banking Circle needed?+

Currently the traditional banking model for international commercial payments adds significant cost and time to transactions.

How does the Banking Circle work?+

The Banking Circle is a community where every member benefits. It provides a seamless conduit for our Members and Merchant Members to make and receive cross border B2B transfers in seconds rather than days, at very low cost in multiple currencies and in a secure and compliant cloud-based environment.

How do I become a member of the Banking Circle?+

To be part of the Banking Circle, you will need to join as a Member or a Merchant Member.

Members include Card Acquirers, PSPs, APMs, banks, and FX Payment Providers. Merchant Members are the merchants of our Members, and are able to join via their payment solution providers.

What are the benefits of the Banking Circle?+

The Banking Circle enables Card Acquirers, PSPs, APMs, FX Payment Providers, banks, and other financial institutions with international client bases to extend their value chain and product offering by allowing them to plug directly into the banking infrastructure. As Members, these organisations can make instant international B2B payments at competitive FX rates using currency accounts in the Banking Circle.

Merchants can benefit too by joining the community as a Merchant Member. They will be able to reduce the cost of international bank transfers significantly, and can send transfers instantly to a recipient within the Banking Circle – no matter where they are in the world.

How do I join to become a Member?+

You can apply to become a Member of the Banking Circle by completing our contact form.

What is the account setup process for Members?+

Once we have received your completed contact form, a member of our team will be in touch to complete the standard KYC and Money Laundering checks. The account setup process, subject to approval, is completed instantly. Once approved, you will have access to a segregated IBAN account from which you can begin making and receiving payments immediately.

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

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

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

Members of the Banking Circle can provide their merchants with the ability to complete global business transactions via a secure web-interface branded in your own name. Your Banking Circle account manager will set this up for you once your membership has been confirmed.

How do I join to become a Merchant Member?+

You need to apply to become a Merchant Member of the Banking Circle through your payment services provider. They must already be a Member of the Banking Circle.

Who are the Members of the Banking Circle?+

Banking Circle is already working with a number of leading FinTechs, banks, and payments businesses. To find out if your payment service provider is already a Member please contact us.

What is the account setup process for Merchant Members?+

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

What payment types and methods are accepted?+

Businesses can use the Banking Circle to make B2B payments using the SWIFT and SEPA payment methods.

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 currencies does Banking Circle handle transactions in?+

The Banking Circle enables transactions to be completed in more than 20 different currency accounts.

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

Banking Circle offers competitive FX rates through direct sourcing access to a 15B Euros daily FX liquidity pool.

How fast are transfers?+

Cross border transfers are made instantly within the Banking Circle.

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 has been granted authorisation as a payment institution according to the Danish Payment Services and Electronic Money Act, and is under the supervision of the Danish Financial Supervisory Authority (www.finanstilsynet.dk). The authorisation granted enables Banking Circle to carry out its payment service activities within the European Union and in countries with which the European Union has entered into an agreement for the financial area.

How secure is the Banking Circle?+

The Banking Circle runs on a secure and compliant cloud Oracle-based banking platform.

Get in touch

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