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:
|CZK||Czech Republic||Same Day|
|GBP||United Kingdom||Same Day|
“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
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