By providing GBP via Faster Payments Service (FPS), SEPA Instant Credit Transfer (SCT Inst), and indirect access to EURO local clearing via SEPA Credit Transfer (SCT), Banking Circle Agency Banking does away with the need for development and administrative expenses associated with integrating with multiple banks or direct participation with the clearing houses.

FIs and PSPs subject to regulation in the EURO zone may participate indirectly in the EUR. PSPs and FIs subject to UK regulation are able to participate indirectly in GBP and EUR. The GBP FPS system offers sort code issuing through Banking Circle.

Principal advantages

• Quicker payments: Indirect participants have the ability to create accounts and send and receive money using their own International Bank Account Numbers (IBANs) and Bank Identifier Codes (BICs).
• Complete payment transparency: When making payments with their own BIC and IBAN, the FI or PSP is identified as the ordering party and the recipient as the sender.
• Complies with a rule from the European Parliament, giving customers and companies in the SEPA zone instantaneous payment choices for sending and receiving money.

Further demonstrating Banking Circle's dedication to enhancing payments for the international banking sector is the Agency Banking solution, which can be implemented via SWIFT or API.

Banking Circle is a crucial partner for growing FIs and PSPs in the growing globalization of payment requirements in addition to its already industry-leading cross-border payment capabilities.