Cross border payments, also known as SWIFT payments or wire transfers, are international transfers that are settled between banks that have a correspondent banking relationship.
Correspondent banks typically work on a reciprocal basis whereby a bilateral arrangement is agreed for the handling of payment instructions via Nostro/Vostro accounts. Payments instructions are sent over the SWIFT network and routed according to the banks and beneficiary destinations involved.
SWIFT is the primary communications network between banks, it has world-leading levels of security and reliability – it is a pre-requisite that a bank that receives or sends international payments is a member of SWIFT.
Cross border payments typically take longer and are more expensive to process than local payments. There is normally a need for more information to enable the transmission of international payments than would be used within a local payment. In addition to beneficiary information such as account number and bank details, the beneficiary’s bank BIC (Business Identifier Code) or IBAN (International Bank Account Number) may be essential to ensure correct routing of an international payment instruction.
SWIFT payments through Banking Circle:
- 25 currencies
- Cut-off will vary depending on the currency (please see our cut-off times here)
- Can be sent through the Banking Circle web platform or via our API
- Account configuration – DK BIC & IBAN
- No limit to transaction value
- Correspondent charging options
- SHA (the sender of the payment pays Banking Circle fees, and the beneficiary pays any correspondent and their bank fees)
|CNH||Chinese Yuan Renminbi|
|HKD||Hong Kong Dollar|
|NZD||New Zealand Dollar|
|RON||Romanian New Leu|
|SAR||Saudi Arabian Riyal|
|ZAR||South African Rand|
Unlike conventional business to business cross border payments that incur high bank charges and can take days to arrive, Banks and Payments businesses utilising Banking Circle’s financial infrastructure can enjoy cost and time savings when making or receiving international payments.
“We selected Banking Circle for their technical platform. We believe in Banking Circle’s vision and execution of building best-in-class financial infrastructure for service companies like Stripe.”Jeremy Büttner, Head of Banking Partnerships, EMEA, Stripe
“Banking Circle have a much more open approach to ways of working, with APIs, the right service levels and reporting in place, compared to that of many of the traditional banks would have.”Garreth Dorree, Head of Operations, Paysafe
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