Accounts

All authorised payment institutions and e-money institutions in the UK and EEA are required to hold safeguarding accounts. Banking Circle provides the safeguarding designation on your accounts at your request, to enable you to meet your regulatory obligations – these are referred to as safeguarding accounts for ease of reference.

• We provide you with a letter to assure you that we have no right of set-off over the account
• For institutions going through the authorisation process for their licence, we can provide letters for your regulator confirming the setup of a safeguarding account

Banking Circle’s multi-currency operational account is available to regulated Corporates and entities to meet their operational and treasury business needs. This account can support underlying virtual accounts to allow department, entity or operational reconciliation, without the need for multiple bank accounts.

• Collect, pay and manage funds in 24 currencies, including up to 11 local currencies
• Represent departments, entities, and expenses as virtual accounts
• Choose to connect via our API, the Client Portal or SWIFT
• Remove the need for multiple physical accounts for other company entities and departments
• Enhance global treasury management with easy reconciliation
• Eliminate the need for multiple account management, resource costs and associated fees

Our virtual account solution (also known as virtual IBAN) offers Payments businesses access to new territories and currencies by enabling your customers to make and receive payments to unique addressable IBAN accounts in multiple jurisdictional formats, linked to local and cross border payment rails.

• Highly competitive pricing for accounts and transactions
• Fast account setup
• Unlimited provision of virtual accounts
• Provides look and feel of having a local banking presence
• Provides clear segregation of funds and full transparency, reducing AML and KYC risk

Offer your customers full payment transparency with Payments On Behalf Of (POBO) and Collections On Behalf Of (COBO) for Payments businesses, which provides visibility on the sender’s details and the ability to collect funds into virtual accounts in the underlying customer’s name.

• Full transparency for virtual account payouts and payments received
• Available to Payments businesses in 24 currencies
• Domestic payments in EUR, CHF, DKK, GBP, HUF
• Domestic collections in EUR, GBP, DKK
• Connect via the API, Client Portal or SWIFT
• Manage payments on behalf of your customers
• Enable receipt of funds and payments out in the customer’s own name
• Improved settlement times, reconciliation, transaction processing and liquidity management

Through Banking Circle, Payments businesses can offer multi-currency IBAN accounts to Marketplaces and their sellers, enabling them to collect their proceeds in local currencies and take control of the foreign exchange conversions.

Collections are made in the name of the seller, from the Marketplace, and any payments out are made in the name of the seller to 1st and 3rd parties, across 24 currencies.

• Collection capability in: EUR (SEPA), GBP (BACS and Faster Payments), and USD (ACH)
• FX capability to enable conversions and payments to sellers
• Access via API or Client Portal
• Reporting capability allows full visibility and reconciliation
• Easy and quick setup process across currencies
• Enhances your product offering to sellers
• Each seller receives a multi-currency IBAN for each jurisdiction (Eurozone, UK and US), in the relevant jurisdiction’s IBAN format