Latest news with #BankingCircle
Finextra
02-06-2025
- Business
- Finextra
Banking Circle gets direct access to Swiss Interbank Clearing system
As part of its continued ambition to become a leading global clearing provider, Banking Circle has today significantly strengthened its embedded financial infrastructure with direct access to the Swiss Interbank Clearing (SIC) system. 0 This latest development represents major progress in the bank's mission to build a global payments platform with interoperability at its core and deliver instant, low-cost, scalable cross-border solutions across Europe. With this new capability, Banking Circle clients can now benefit from comprehensive support for both Real-Time Gross Settlement (RTGS) and Automated Clearing House (ACH) transactions in Swiss Francs (CHF), coupled with access to Liechtenstein-issued VIBAN accounts designed to provide full operational control and compliance alignment. This new CHF payment solution delivers three core benefits: • Direct access to domestic and cross-border CHF payments: A fully integrated, real-time connection to Liechtenstein and Switzerland payment schemes via the SIC system • Seamless account management: Efficient and scalable account infrastructure using Liechtenstein-issued VIBANs tailored to clients' operational, regulatory, and market-specific needs • Multi-currency reach via single API: Access to multiple local schemes and local IBAN or account capabilities in Euros (EUR), Pound Sterling (GBP), Danish Krone (DKK), Swedish Krona (SEK), and Australian Dollars (AUD) via one single API integration - with more to come in 2025 and beyond The addition of CHF means Banking Circle now provides direct access to local payment schemes and local account infrastructure for five of the twelve major currencies in Europe and the UK, reinforcing the company's market-leading position for real-time payments in multiple currencies. This quota also reflects its ambition to become a super-correspondent bank for global B2B that removes barriers currently holding back market demand from European businesses for instant payment flows and enhances financial inclusion across the continent. "This is another clear signal that the market wants to see improvement in global payments infrastructure and we intend to be the go-to payments bank for financial institutions across Europe looking for simplified, accelerated, real-time transactions said Laust Bertelsen, Chief Executive Officer at Banking Circle. "CHF is a major piece in solving that puzzle - and now clients can have direct access to that system through our single API tech-first platform which drives seamless customer experiences, transparency, control and reduces cost and complexity across their payment value chain.' The CHF solution is live now, with full commercial rollout underway. Banking Circle's expansion continues in line with its long-term strategy to build an international clearing network that supports the needs of businesses operating across multiple geographies. The company remains focused on delivering financial infrastructure that unlocks new business models and drives the next generation of payments in Europe and beyond. As more businesses and payment systems come online within Banking Circle's payments platform, its customers will benefit from ever-greater levels of speed and efficiency. From onboarding to transaction, clients can now manage their payment flows across five key European currencies through a single integration - reducing fragmentation, removing reliance on sponsor banks, and helping financial institutions of all sizes to thrive in a real-time economy.
Finextra
22-05-2025
- Business
- Finextra
Banking Circle teams up with Visa Direct for global payments
Banking Circle S.A., the next-generation technology-led payments bank, today announced a strategic partnership with Visa, a global leader in digital payments. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The partnership provides Visa Direct with access to Banking Circle's extensive local clearing rails across the world, further strengthening the business's global payment reach for its customers. Visa Direct is one of the world's largest digital payment networks – connecting cards, currencies and markets across the globe. Through this new partnership, Visa Direct will leverage Banking Circle's single API technology to gain access to multiple direct and local clearing rails via a single, secure, and trusted provider. 'Our partnership with Visa Direct represents an important milestone in our firm's mission to increase speed, efficiency and reduce costs associated with cross-border transactions.' said Laust Bertelsen, CEO, Banking Circle S.A. 'Partnering with a business of Visa Direct's scale and stature as a payments industry leader reinforces the growth of Banking Circle's capabilities and highlights the trust in, and significance of our single API. This announcement is yet another example of the ways in which Banking Circle and its partners are helping international businesses with global scale access multiple clearing rails through one trusted partner.' Sandeep Gupta, Global Head of Network, Visa Direct, added: 'Visa Direct is at the forefront of money movement transformation, being a single point of entry for all solutions and capabilities. We are delighted to partner with Banking Circle and excited to utilise its single API technology, which will allow us to offer an enhanced service for our customers.'
Daily Mail
03-05-2025
- Business
- Daily Mail
JEFF PRESTRIDGE: Inspired by Police Squad!, how a company director turned the tables on a hapless fraudster
Financial scams are a fact of life. Sadly, despite efforts by the banks and regulators to make them more difficult to perpetrate, the criminals always seem one step ahead. A few days ago I was contacted by a director of a firm of chartered financial planners in London whose name and company had been used by fraudsters to tempt one of his clients to invest in an 'investment portfolio'. The client, thank God, didn't fall for it, but the attempted fraud shows what lengths criminals will go to persuade us to part with our hard-earned money. It all started with an email last month allegedly from Jim Harrison, who in real life is a director of Master Adviser, a firm which specialises in building income-friendly portfolios for those in retirement. It is based on Chancery Lane in London. The email was sent to one of Jim's clients. It invited him to set up a Banking Circle cash management portfolio with the promise of 8.52 per cent income, fixed for 12 months. This was on an investment of £200,000. On the surface, mightily attractive. For the record, Banking Circle is a Luxembourg-registered company with its UK operations regulated by the Financial Conduct Authority (FCA) – and offers a range of banking services, including deposit services. As they had with Jim's details, the fraudsters had cloned its name. 'We have a long-term relationship with Banking Circle,' Jim's clone said in the email. 'I recommend we set up a Banking Circle cash management portfolio for you. 'It will serve as a good savings vehicle to retain the value of your funds while also benefiting from interest rate growth.' Jim's impersonator assured the client that his money would be protected by the Financial Services Compensation Scheme (up to £85,000) in the event of Banking Circle going bust. The email ended: 'Let me know what you think. Kind regards, Jim.' It gave Jim's business address and confirmed that Master Adviser was also regulated by the FCA. Convincing though the email seemed to be, the client contacted the real Jim who confirmed that his details had been cloned and that the email was a scam. 'It was a clever email,' Jim told me last week. 'The only giveaways were the opening line which read, 'I hope you are doing great and having a wonderful week.' I would never use such effusive language when sending an email to clients.' The other giveaway, he said, is that the email had been sent from Jim Harrison at – as opposed to the real Riled by the attempted fraud using his name, Jim thought that he would strike back. Mischievously, he set up a dummy email address in the name of Dutch Gundersen, a nod to a money-launderer in the 1980s American comedy series Police Squad! featuring the wonderful late Leslie Nielsen as Sergeant Frank Drebin, Detective Lieutenant. In the series, Dutch Gunderson (not Gundersen) was played by Al Ruscio, while Nielsen went on to play Drebin in the hugely successful Naked Gun films. 'I've watched the Police Squad! series hundreds of times,' said Jim. 'I can't get enough of it.' Jim, now Dutch, emailed his clone asking for details about the portfolio service. It wasn't Jim who responded but Luke Morley who sent the same product details fake Jim had given the client of the real Jim (stay with me). Luke said Jim was away on holiday. Dutch responded by saying he didn't have £200,000 but would be happy to invest about half that amount. Luke said that would be fine, saying: 'Let me know what you think and if I should go ahead and set up an account for you.' Dutch requested the necessary forms and said he would be able to call in at Master Adviser's address on Chancery Lane if he needed to sign anything. Luke replied by saying that he would set up the investment portfolio and send through the confirmation documents. Luke then rang Dutch (using a withheld number) asking whether he had received the documents – and to give him the passcode necessary (gundersen__dutch) to open up the confirmation notice confirming his intended investment (£100,000), the one-year 8.52 fixed rate of interest, and where he should send the money to. Not directly to Banking Circle, but an account with Banking Circle in the name of Alpha Trading. The ensuing 15-minute conversation between them is wonderfully entertaining as Dutch starts asking awkward questions that the fraudster avoids answering. 'You work for Master Adviser. Where are you based?' asked Dutch. 'We can be anywhere in the country. We work remotely. Jim is on holiday.' Luke goes on to say how exclusive Banking Circle is. 'It's amazing, I'm really excited,' said Dutch. He then asked Luke again where Master Adviser is based. 'Just in London,' is the response. 'I assume you're on a road in London,' said Dutch. Luke avoids answering. Dutch wasn't giving up. 'Just tell me your address. You have an office in London. London is quite big. I don't want to have to knock on every door in London asking for you. I'm about to put a lot of money with you. There is a relationship here.' He continued: 'If I Google Jim Harrison at Master Adviser, would I get an email or a physical address?' Luke doesn't give an answer, but two minutes later he mentions that the office is actually on Chancery Lane. Dutch is excited. 'I can pop in and see you,' he said. 'Are you in there today? I could do now. Where are you based on Chancery Lane. I'm also on Chancery Lane.' 'OK, what time?' asks Luke. 'Next five minutes,' responded Dutch. 'Unfortunately, I'm not that easily available,' is Luke's limp response. Dutch then asked for his and Jim's number so that he can ring one of them back. 'Just give me a number,' he pleaded. 'I can't just give out a number,' said Luke. 'It's not how we work.' Dutch had had enough. 'So you're in Chancery Lane but you can't see me. And you can't give me your number.' Luke promised to ring Dutch back. He didn't but he sent an email on Thursday asking whether Dutch had made the payment. Reassuringly, Jim Harrison has yet to hear from any other clients who have received the same fraudulent email. This suggests it was his client's email account that was hacked by the fraudster, not his. Harrison said it is despicable that fraudsters such as Luke Morley are preying on investors, often elderly people. 'More needs to be done to track down these criminals and lock them up,' he added. 'Luke was not phoning me from overseas – he was UK based and as British as they come.' On Friday, after I contacted Banking Circle and provided it with details about the fraud, it closed Alpha Trading's bank account. Result!
Yahoo
24-03-2025
- Business
- Yahoo
BC Payments gets in-principle nod for MPI licence in Singapore
BC Payments Singapore, part of Banking Circle, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for Major Payment Institution (MPI) licence. The MPI licence would enable BC Payments Singapore to leverage Banking Circle's network, providing access to global clearing infrastructure. This would facilitate cross-border payment services and establish BC Payments Singapore as a regional hub within its global payments network. In-principle approval does not constitute a formal licence, but indicates that a licence may be granted upon meeting specific conditions, a release said. Banking Circle CEO and co-founder Laust Bertelsen said: 'The award of IPA from MAS is a testament to our commitment to delivering secure and efficient payment solutions, leveraging Singapore's strong regulatory framework and strategic location. This milestone will enhance our ability to service clients in Singapore and across the broader Asia-Pacific region, reinforcing our mission to facilitate global cross-border payment services and provide technology driven financial solutions.' BC Payments Singapore CEO Mishal Ruparel stated: 'BC Payments Singapore has been growing its presence in Singapore since January 2022 and we are working hard to secure the MPI licence. We plan to double the size of our team in the Singapore office over the next year, reinforcing the commitment to our regional expansion strategy. We are encouraged by the trust placed in us by our potential clients, and we look forward to empowering them with fast and efficient cross-border payments solutions.' The announcement follows Banking Circle's January 2025 disclosure that it plans to acquire a full stake in Australian Settlements Limited (ASL). ASL offers settlement and processing services to banks and payment companies in Australia. "BC Payments gets in-principle nod for MPI licence in Singapore " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
