Financial infrastructure provider Banking Circle has received a banking licence from Luxembourg's regulator.
Conceived in 2013 as an alternative to the costly correspondent banking network, Banking Circle acts a financial utility, enabling FS firms to access real-time payments without having to make big investments in their own internal infrastructure.
The firm now has its own banking licence from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
Anders la Cour, CEO, Banking Circle, says: "Securing our Banking Licence gives us the ability to deliver bank accounts on a global scale so that we can extend our propositions, enabling Payments businesses, such as PSPs and acquirers, to offer banking services to their clients without having to invest in their own costly infrastructure.
"We’re also providing Banks with the ability to extend the services they can offer to their business clients without facing hefty infrastructure investment and regulatory burden."