The latest enhancement to Banking Circle’s Agency Banking solution provides Financial Institutions (FIs) and Payment Service Providers (PSPs) with faster ‘go to market’ accessibility to local payment schemes.
Delivering indirect access to EURO local clearing via SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and GBP via Faster Payments Service (FPS), Banking Circle Agency Banking eliminates the need for development and administrative costs linked to direct participation with the clearing houses or integration with multiple banks.
EURO zone regulated FIs and PSPs are eligible for EUR indirect participation. UK regulated FI’s and PSPs are eligible for both GBP and EUR indirect participation. Sort code issuance through Banking Circle is available within the GBP FPS scheme.
Key benefits
• Faster payments - indirect participants can issue accounts, using their own Bank Identifier Codes (BICs) and International Bank Account Numbers (IBANs) to send and receive payments.
• Full payment transparency - using their own BIC and IBANs for payments presents the FI or PSP as the ordering party and their customer as the sender.
• Aligned to European Parliament regulation - providing instant payment options to send and receive payments for consumers and businesses within the SEPA zone.
The Agency Banking solution, which can be integrated via API or SWIFT, is further evidence of Banking Circle’s commitment to improve payments for the global banking economy.
Alongside its existing industry-leading cross-border payment capabilities, this makes Banking Circle a vital partner for expanding FIs and PSPs in the increasing globalisation of payment requirements.