This latest initiative means clients now have access to real-time direct clearing and settlement for both EUR and GBP, with higher than industry-average upper transaction limits.

It also adds significant value for clients and their underlying customers. Being closer to clearing as a Direct Participant on FPS, Banking Circle can enable faster settlement times; the Payment Bank also has the ability to handle significant payment volume.

“Banking Circle was launched with the specific vision of improving payments for the global e-commerce marketplace”, explained Laust Bertelsen, CEO of Banking Circle. “Becoming a direct participant of Faster Payments is an essential element in bringing that to fruition. It’s a clear demonstration of our intent - just six years since we came to market - to challenge the status quo of cross-border payments.

“For many of our clients this is a welcome alternative to the CHAPS and BACs payment options. It also puts Banking Circle in a new league ahead of our competitors; we believe no other bank outside of the incumbents can offer real-time payments across multiple currencies.”

Banking Circle has been offering GBP on direct rails for Faster Payments to ‘Friends and Family’ since September 2022. The successful completion of this stage now means Pay UK has granted full Go Live to Banking Circle, effective from 28th April 2023.

Faster Payments allows the submission of GBP payments typically within 15 seconds, for the beneficiary to receive funds across the UK, including the Isle of Man, Guernsey, Jersey and Gibraltar. FPS operates 24/7/365 with a current limit of £1,000,000 per transaction. While many banks opt to set lower limits, Banking Circle clients will benefit from the maximum limit of £1,000,000.

Laust Bertelsen concluded: “Led by our tech-first approach, Banking Circle is driving the evolution of global payments infrastructure which goes to the heart of financial inclusion. There is a clear market appetite for our cutting edge, fast and cost-effective solutions, , providing a genuine alternative to traditional correspondent banking and removing many of the barriers to cross-border payments.

“Alongside our existing industry-leading cross-border payment capabilities, being a Direct Participant on Faster Payments for GBP means our Bank, FinTech, PSP and Marketplace clients can now offer their customers access to the fastest, lowest cost payment solutions in the UK as well as internationally. We believe this makes us a vital tool for expanding businesses in this increasingly global marketplace.”