Banking Circle delivers innovative Agency Banking service

By Gloria Methri

Banking Circle has announced the latest enhancement to its Agency Banking solution, providing Financial Institutions (FIs) and Payment Service Providers (PSPs) with a faster and cheaper access point to local payment schemes to expand into further markets.

The solution delivers indirect access to EURO local clearing via SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and GBP via Faster Payments Service (FPS). FIs and PSPs can access local payment schemes without the development and administrative costs linked to direct participation with the clearing houses (ACH) or integration with multiple banks.

“The key with our efficient and convenient Agency Banking solution is to give clients faster ‘go to market’ accessibility,” explained Michael Boel, Head of Clearing and Product Execution at Banking Circle. “Utilising our local clearing and settlement connections, we are providing our clients with indirect access to SEPA SCT, SEPA Instant and FPS. There is no need to connect directly to a clearing house or hold a central bank settlement account. Banking Circle has done the ‘heavy lifting’ of connecting with the clearing houses and establishing central bank accounts, reducing costs and integration complexities for our clients.”

Through Banking Circle’s Agency Banking solution, indirect participants can issue accounts, using their own Bank Identifier Codes (BICs) and International Bank Account Numbers (IBANs) to send and receive payments.

The account/IBAN will be in the localised country format, which the FI or PSP is regulated, including their branch code, which is obtained from their regulator or in the case of the UK issued by a Pay.UK members, such as Banking Circle.

Access to Banking Circle’s Agency Banking solution is provided through a single integration via API or SWIFT for all payment and collections needs.

“Alongside our existing industry-leading cross-border payment capabilities, our Agency Banking solution makes Banking Circle a vital partner for expanding FIs and PSPs in the increasing globalisation of payment requirements.”