Through Banking Circle, Payment Service Providers (PSPs) can offer virtual IBAN accounts to marketplace sellers who can thereby collect their proceeds in local currencies (GBP, EUR and USD) and take control of the foreign exchange conversions.

Virtual IBANs are provided in bulk to PSPs, to enable quick allocation to online sellers. Each seller receives a GB account and sort code, a DE IBAN and a US account and ABA number, allowing marketplaces in the UK, the Eurozone and the US to use the local payment networks to credit in the buyer’s currency.

Virtual IBAN accounts through Banking Circle:

  • Easy and quick account setup across currencies
  • Enhances PSPs’ product offerings to their marketplace sellers
  • Each seller receives a multi-currency IBAN for each jurisdiction (Eurozone, UK and US), in the relevant jurisdiction’s IBAN format
  • Collection capability in:
    • EUR – SEPA
    • GBP – BACS and Faster Payments
    • USD – ACH
  • FX capability to enable conversions and payments to sellers
  • Virtual IBANs can be accessed and utilised through the Banking Circle web platform or via the Banking Circle API
  • Reporting capability allows full visibility and reconciliation

 

Other Solutions
Payments

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

Learn more arrow_forward
FX

Banking Circle delivers access to a global IBAN account infrastructure, through a platform from which they can trade forex and make international payments.

Learn more arrow_forward
Bank accounts

Our accounts deliver full transparency and faster settlement, enabling financial institutions to offer their customers a full transactional service.

Learn more arrow_forward
Lending

Lack of access to funds to keep cash flowing can hold back business growth. Banking Circle provides fast access to cash with flexible repayment options.

Learn more arrow_forward

Get in touch

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

Contact us arrow_forward