Local payments
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:
- 12 currencies and expanding
- Including direct access to GBP, EUR and DKK clearing schemes for even faster and cheaper collections and pay-outs
- 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:
| Currency | Country | Settlement Cycle |
|---|---|---|
| CHF | Switzerland | Same Day |
| CZK | Czech Republic | Same Day |
| DKK | Denmark | Same Day |
| EUR | Eurozone | Same Day |
| GBP | United Kingdom | Same Day |
| HRK | Croatia | Same Day |
| HUF | Hungary | Same Day |
| NOK | Norway | Same Day |
| PLN | Poland | Same Day |
| RON | Romania | Same Day |
| SGD | Singapore | Next Day |
| SEK | Sweden | Same Day |
Nuvei partnered with Banking Circle in 2016 to ensure settlement and pay outs occur quickly and incur lower costs, whilst being more transparent and trackable. Today, Nuvei uses Banking Circle settlement and operational accounts as well as Banking Circle’s Real-time FX platform.
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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 offered us flexibility to adjust to our requirements. They provided the technical modifications to meet our requirements to do settlements, and this was huge for us.”
Praful Morar, Chief Strategy Officer, Nuvei 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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