Cross border payments
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:
- 24 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)
Available currencies:
| Code | Currency |
|---|---|
| AED | Emirati Dirham |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CZK | Czech Koruna |
| DKK | Danish Kroner |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HRK | Croatian Kuna |
| HUF | Hungarian Forint |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| RON | Romanian New Leu |
| SAR | Saudi Arabian Riyal |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| TRY | Turkish Lira |
| USD | US Dollar |
| 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.
Paysafe is a leading specialised payments platform, bringing together the payment methods customers want and the payment services businesses need. Banking Circle provides Paysafe with bank account infrastructure that gives it access to fast and cost-effective settlements and payouts globally. Banking Circle has been working with Paysafe since 2016.
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An acquirer specifically focused on the e-commerce arena, Credorax introduces an entirely new breed of acquiring — Smart Acquiring — to PSPs, ISOs and online merchants. Banking Circle provides Credorax with a fast, flexible and scalable global payment solution – allowing them to grow their business and process more transactions.
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Banking Circle is collaborating with Tuxedo Money Solutions, the payments solutions provider, to deliver fast cross border transfers for its corporate client base. The innovative Banking Circle is providing a simple and secure web interface through which Tuxedo Money Solutions’ clients are able to manage their cross border transfers around the world.
Download file_download“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 Banking Circle delivers access to a global IBAN account infrastructure, through a platform from which they can trade forex and make international payments.
Learn more arrow_forwardBanking Circle Virtual IBAN allows Banks and Payments businesses to issue multi-currency IBAN accounts for customers in their own name.
Learn more arrow_forwardOur accounts deliver full transparency and faster settlement, enabling financial institutions to offer their customers a full transactional service.
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