Local Payments

Local payments

Access Local Payment Capability

Through the Banking Circle, you 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.

SWIFT payment processing can be costly and time-consuming. And, in most cases, fees from the correspondent banks handling the payment are taken directly from the funds being transferred, meaning the beneficiary does not receive the full amount.

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

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