Through Banking Circle, Financial Institutions can have a single touchpoint to access multiple domestic markets.

The local payout capability reduces the high cost of transactions currently incurred through correspondent banking and landing fees, ensuring the beneficiary receives the full amount.

Traditional SWIFT payment processing can be costly and time-consuming. Making the process even less efficient, in most cases, each correspondent bank handling the payment takes its fees directly from the funds being transferred, meaning the beneficiary does not receive the full amount.

Local payouts via Banking Circle gives Financial Institutions the ability to settle multiple currencies locally without needing to set up local banking relationships in each jurisdiction.

Local payments through Banking Circle:

  • 11 currencies and expanding
  • Cut-off times will vary depending on the currency (please see our cut-off times here)
  • Can be sent through the Banking Circle web platform or via the Banking Circle API
  • No settlement delays due to straight-through processing
  • Low transaction costs and fees to both payer and payee
  • Account configuration – DK BIC & IBAN

Today, Banking Circle can make payments via the local clearing schemes in the following currencies:

CurrencyCountrySettlement Cycle
CHFSwitzerlandSame Day
CZKCzech RepublicSame Day
DKKDenmarkSame Day
EUREurozoneSame Day
GBPUnited KingdomSame Day
HRKCroatiaSame Day
HUFHungarySame Day
NOKNorwaySame Day
RONRomaniaSame Day
SGDSingaporeNext Day
SEKSwedenSame Day
Other Solutions

Banking Circle’s compliance model provides Payments businesses and Banks and their customers with fully secure and compliant transactions.

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Banking Circle provides a range of offerings to meet the payments needs of Banks and Payments businesses, and their customers.

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

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Virtual IBAN

Banking Circle Virtual IBAN allows Banks and Payments businesses to issue multi-currency IBAN accounts for customers in their own name.

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Get in touch

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