Banking Circle has joined the UK Faster Payments Service (FPS) as a direct participant for GBP, aiming to build a super-correspondent bank for global B2B payments. This addition to Banking Circle’s payment rails provides FIs with real-time direct clearing and settlement for both EUR and GBP, with higher than industry-average upper transaction limits.

Direct GBP on Faster Payments and its effect on Banking Circle clients Based on the information provided in the press release, the initiative is believed to bring forth significant value for clients and their underlying customers, as being closer to clearing as a direct participant on FPS, Banking Circle has the option to enable expedited settlement times. Furthermore, the payment bank is also able to handle increased payment volume. Laust Bertelsen, CEO of Banking Circle advised that Banking Circle launched with the vision of bettering payments for the global ecommerce marketplace and becoming a direct participant of Faster Payments is believed to be an essential element in achieving this, as it showcases its commitment towards challenging the ‘status quo’ of cross-border payments.

Adding on this, the spokesperson advised that for a multitude of clients, this is a welcome alternative to the CHAPS and BACs payment options, and the enterprise looks to be ahead of the competition by providing real-time payments across multiple currencies. The announcement details that Banking Circle has been providing GBP on direct rails for Faster payments to ‘friends and family’ from September 2022 onwards, and following the successful completion of this stage, Pay UK granted full Go Live to the bank, effective 28 April 2023. Faster Payment enables the submission of GBP payments within a matter of seconds for the beneficiary to receive funds throughout the UK, including the Isle of Man, Guernsey, Jersey, and Gibraltar.

FPS operates 24/7/365, with a GBP 1,000,000 limit per transaction, and although a multitude of banks opts for setting lower limits, Banking Circle clients are to benefit from the maximum limit. Concluding on the news, Banking Circle’s representative advised that the bank aims to further the evolution of global payments infrastructure which is integral to financial inclusion. Per their statement, the market appetite for fast and cost-effective solutions is clear, and provides an alternative to traditional correspondent banking, helping remove barriers to cross-border payments.

Alongside its cross-border payment capabilities, being a direct participant in Faster Payments for GBP enables Banking Circle’s bank, fintech, PSP, and marketplace clients to provide their customers with access to fast, low-cost payment solutions in the UK and internationally alike. Per the company representative’s statement, this is believed to make the company a ‘vital tool’ for expanding businesses in the current increasingly global marketplace. As a modern correspondent bank, Banking Circle is committed to building a local clearing network for all major currencies so provide fast, low-cost payments with no hidden fees for the beneficiary.

Its banking solutions suite includes multi-currency banking accounts and virtual IBANs, bank connections for local clearing and cross-border payments, underpinned by compliance and security. For more information about Banking Circle, please check out their detailed profile in our dedicated, industry-specific Company Database. .