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:
- 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:
| 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 |
| RON | Romania | Same Day |
| SGD | Singapore | Next Day |
| SEK | Sweden | Same Day |
Banking Circle’s compliance model provides Payments businesses and Banks and their customers with fully secure and compliant transactions.
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