Financial institutions and payment service providers can now gain indirect access to local EURO and GBP payment schemes through Banking Circle‘s streamlined integration process.
Banking Circle’s latest enhancement to its Agency Banking solution provides FIs and 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) as well as GBP via Faster Payments Service (FPS). FIs and PSPs are able to access local payment schemes without the development and administrative costs linked to direct participation with the clearing houses (ACH) or integration with multiple banks.
Michael Boel, head of clearing and product execution at Banking Circle, commented: “The key with our efficient and convenient Agency Banking solution is to give clients faster ‘go to market’ accessibility. Utilising our local clearing and settlement connections, we are providing our clients with indirect access to SEPA SCT, SEPA Instant and FPS.
“There’s 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.”
Banking Circle’s Agency Banking solution enables indirect participants to generate accounts using their own Bank Identifier Codes (BICs) as well as International Bank Account Numbers (IBANs) for sending and receiving payments.
These accounts are formatted according to local regulations, including the branch code obtained from regulators or a Pay.UK member like Banking Circle in the UK. By utilising their own BICs and IBANs, FIs and PSPs appear as the ordering party, offering complete payment transparency as well as maintaining control over their customer relationships.
