BACS

BACS is the oldest electronic payment system in operation in the UK. Formed in early 1968 as the Interbank Computer Bureau, the transmission of BACS payments has changed very little over the past 50+ years.

BACS is a UK domestic file-based payment method available in GBP only. BACS payments take three working days to clear, and can be cancelled up until midday of day two in the processing cycle.

BACS through Banking Circle:

  • Incoming BACS credits to all accounts
  • Credits can be viewed and reports can be generated through the Banking Circle web platform or the Banking Circle API
  • Jurisdictions – UK only (including the Isle of Man, Guernsey, Jersey & Gibraltar)
  • No landing fees
  • Account configuration: sort code and account number

CHAPS

Originally established in 1984 by the Bankers Clearing House, CHAPS used to be the only payment method to settle GBP on the same day. This payment type uses the Bank of England’s Real Time Gross Settlement scheme (RTGS) and is therefore more costly for both banks and clients to instruct.

CHAPS payments through Banking Circle:

  • Same-day settlement
  • Can be sent through the Banking Circle web platform or via the Banking Circle API
  • Jurisdictions – UK only (including the Isle of Man, Guernsey, Jersey & Gibraltar)
  • No limit to transaction value
  • Account configuration: sort code and account number

Faster Payments UK

The Faster Payments Service (FPS) allows the submission of GBP payments with a guaranteed delivery time for the beneficiary to receive funds in near real-time. The current guaranteed delivery time is 2 hours although payments are typically credited within 15 seconds.

Faster Payments through Banking Circle:

  • Currency – GBP
  • Jurisdictions – UK only (including Isle of Man, Guernsey, Jersey & Gibraltar)
  • Limit – £250,000 per transaction
  • Irrevocable payment
  • Funds available near real-time with beneficiary
  • Can be sent through the Banking Circle web platform or via the Banking Circle API
  • Account configuration: sort code and account number
Other Solutions
Compliance

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

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Payments

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

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FX

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

Email us at info@bankingcircle.com and our team will be in touch shortly.

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