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.

CHAPS

CHAPS is a same day payment type.

CHAPS payments through Banking Circle:

  • Processing Days – Monday to Friday
  • Currency – GBP
  • Jurisdictions – UK only (including Isle of Man, Guernsey, Jersey & Gibraltar)
  • Unlimited payment value
  • Irrevocable payment
  • Funds available near real-time with beneficiary
  • Straight Through Processing can be readily achieved
  • The Bank of England now owns and manages the clearing infrastructure (prior to Nov 2017 processing was owned by CHAPS Co.)

Clients can access CHAPS through any of the following Banking Circle channels:

  • Payments API
  • Banking Circle Web

Faster Payments UK

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 2 hours although payments are typically credited within 15 seconds.

Faster Payments through Banking Circle:

  • Currency – GBP
  • Jurisdictions – UK only (including Isle of Man, Guernsey, Jersey & Gibraltar)
  • Limit – £250,000 per transaction
  • Irrevocable payment
  • Funds available near real-time with beneficiary

Clients can use the following Banking Circle channels to access the Faster Payments Service:

  • Payments API
  • Banking Circle Web

Other Solutions

FX

Banking Circle Members can access a global IBAN account infrastructure, through a platform from which they can trade forex and make international payments.

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Lending

Lack of access to funds to keep cash flowing can hold back business growth. Banking Circle provides fast access to cash with flexible repayment options.

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Payments

Banking Circle provides a range of offerings to meet the payments needs of banks, payment service providers, FinTechs, and their customers.

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Get in touch

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