Through Banking Circle, Payment Service Providers (PSPs) can offer multi-currency IBANs to marketplace sellers who can thereby collect their proceeds in local currencies (GBP, EUR and USD) and take control of the foreign exchange conversions.
Collections are made in the name of the seller (COBO) from marketplaces and any payments out are made in the name of the seller (POBO) to 1st and 3rd parties across 24 currencies.
Multi-currency IBANs through Banking Circle:
- Easy and quick setup process 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
- Multi-currency 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
Banking Circle provides a range of offerings to meet the payments needs of Banks and Payments businesses, and their customers.Learn more arrow_forward
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
Our accounts deliver full transparency and faster settlement, enabling financial institutions to offer their customers a full transactional service.Learn more arrow_forward