Banking Circle® Virtual IBAN gives businesses a crucial competitive edge to enhance their service proposition by providing them with access to international business bank accounts. By joining the Banking Circle, businesses can issue multi-currency IBAN accounts for customers in their own name and in multiple jurisdictions.

VIRTUAL IBAN BENEFITS FOR BUSINESSES

Building on the already successful Banking Circle platform, Banking Circle Virtual IBAN delivers full transparency and faster settlement, enabling businesses to offer a full transactional service to their customers.

Key benefits include:

  • Fast account set up
  • Local clearing capability plus cross border payments through the SWIFT network
  • Ability to leverage the Banking Circle network to make and receive payments instantly
  • Payments and FX API connectivity
  • Access to an award-winning FX platform via web, tablet and mobile
  • Same day settlement for SEPA payments

By giving customers their own virtual bank accounts with IBANs, Banking Circle provides businesses a number of additional advantages:

  • No need for multiple banking relationships – Banking Circle Virtual IBAN accounts provide a multi-currency, multi-jurisdictional solution
  • Improved payments acceptance, settlement times and reconciliation because payments are made in the name of the Virtual IBAN account holder
  • Reduced AML and KYC risk as a result of end to end transparency and clear segregation of funds

How it works

Banking Circle’s Virtual IBAN solution helps Financial Tech businesses to deliver multi-currency accounts to their customers, increasing the ease, speed, and clarity of payments.

Marketplaces

A unique solution for Financial Tech businesses who support online marketplaces

Banking Circle Marketplaces is a unique new proposition that supports Financial Tech businesses who are servicing online marketplaces and their sellers helping them with regulatory changes under PSD2 and giving them the ability to give marketplace sellers local IBANs.

Helping Financial Tech business resolve PSD2 compliance for Marketplaces

Changes brought about under the latest Payment Services Directive, PSD2, bring an end to online marketplaces being exempt from payments regulations. For marketplaces to remain exempt, the flow of funds must bypass the marketplace.

To meet this new need, Banking Circle has launched Banking Circle Marketplaces, a solution that enables Financial Tech businesses to accept payments from marketplace buyers into a virtual IBAN account in the name of the marketplace seller and settle the funds back to the seller’s house account in the currency of their choice.

Enhancing the value proposition for Financial Tech businesses targeting Marketplace Sellers

Online sellers join marketplaces to get instant access to global markets. Some marketplaces require their sellers to have local currency accounts in the country they are receiving funds from. Addressing this issue, Banking Circle Marketplaces provides sellers with the local IBANs they wish to sell to – typically GBP, EUR and USD – that are in the seller’s name.

Benefits of Banking Circle Marketplaces:

  • Financial Tech businesses can assist with regulatory changes under PSD2 for their marketplace customers
  • Banking Circle provides a set of master accounts to the Financial Tech business to ensure end-to-end transparency and clear segregation of funds for each marketplace
  • Financial Tech businesses can open multi-currency accounts for online marketplace sellers in 25+ currencies
  • IBAN accounts can be opened in the name of the Financial Tech business or the seller

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Get in touch

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