Adoption of global common language by Payments Bank makes it easier for financial institutions to streamline international payments
London, 13th April 2022 – Three years ahead of the 2025 deadline for completion, Banking Circle has now fully adopted the ISO20022 messaging standard. A single common format for all financial communications, ISO20022 allows participants and systems in different markets to communicate in a consistent message format, using agreed terminology.
“To conduct business, financial institutions exchange massive amounts of information with their customers and other institutions,” commented Laust Bertelsen, CEO of Banking Circle. “Such exchanges only work if the sender and receiver of a message have a common understanding of how to interpret this information. Rather than managing multiple market systems that speak different languages, ISO20022 offers a universal messaging language. Many real-time, low-value and high-value clearing systems around the world have begun their migration and are using ISO20022, with many more to follow by the end of this year.
“We are delighted to be part of the early wave of businesses that have adopted the new standard. It is perfectly aligned with our mission of simplifying cross-border payments, breaking down barriers to international trade by removing unnecessary delays and challenges with reconciliation and by being ready ahead of the deadline our clients can benefit immediately.”
Available to Banking Circle clients using SFTP and API, ISO20022 improves end-to-end processing across domains and geographies that currently use a vast range of standards and information formats. And as a common technical language, it will make it easier for businesses to adapt to changes in the economy, technology and innovation.
About Banking Circle S.A.
Banking Circle S.A. is the Payments Bank for the new economy. As a fully licenced bank, free of legacy systems, Banking Circle enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost.
Banking Circle S.A. is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver fast, low cost payments with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market leading compliance and security.
Through bespoke, flexible, scalable and futureproof solutions Banking Circle S.A. is enabling financial institutions to help their customers transact across borders in a way that was previously not possible.
Headquartered in Luxembourg, Banking Circle S.A. has offices in London, Munich and Copenhagen.
Banking Circle S.A. is an affiliate company in the Banking Circle Group ecosystem which serves payment companies, banks, global marketplaces and online merchants through a rich set of complementary eCommerce solutions. These include global cross-border payments, accounts and liquidity management, embedded finance, business payments & card issuing, B2B Buy Now Pay Later and account-to-account payment methods.
Banking Circle Group is owned by EQT VIII and EQT Ventures, in partnership with Banking Circle S.A.’s founders. The Group entities have offices in Amsterdam, Copenhagen, London, Luxemburg, Munich, Singapore and Stamford, Connecticut.
For further information and interviews please contact the Banking Circle Press Office:
Wendy Harrison – Harrison Sadler
T: 0208 977 9132