SEPA Credit Transfers
The SEPA (Single European Payments Area) Credit Transfer scheme was established in March 2013 to allow payments to be settled across Europe as a low cost domestic payment.
SEPA Credit Transfer Scheme functionalities through Banking Circle:
- Same day settlement available
- Can be sent through the Banking Circle or Payments API
- Supported currencies: EUR
- Account configuration – DE BIC & IBAN
- No correspondent fees
- No landing fees
- No limit to transaction value
- Processed in the same way as a local payment, anywhere across all SEPA countries
Local EU payout payments
The local payout capability provided by Banking Circle reduces the high cost of transactions currently incurred through correspondent banking and landing fees.
This processing of payments can be costly and time-consuming. And, in most cases, fees from the correspondent banks handling the payment are taken directly from the funds being transferred, meaning the beneficiary does not receive the full amount.
Local payouts from Banking Circle give members the ability to settle multiple currencies locally without needing to set up local banking relationships in each jurisdiction.
Today, Banking Circle can make payments in the following currencies, locally, with funds received by the beneficiary on the same day: