Agency Banking

The Agency Banking model enables regulated clients to send and receive local payments using their own SWIFT BIC and self‑issued IBANs, without becoming direct participants in payment schemes.

Banking Circle provides the underlying scheme access through its direct memberships, managing clearing and settlement end‑to‑end. This allows clients to operate fully under their own brand, with a faster, simpler route to local payment capabilities - without the operational complexity of direct participation.

Key Features

Unified connectivity to European payment schemes via a single integration.
Support for local IBAN issuance: Issue local-format IBANs (e.g., IT, FR) in each SEPA country where you operate.
Own BIC & IBAN transactions: Send and receive payments directly to your own BIC and IBANs.
Compatible with Correspondent Banking: Support multi-currency and cross-border transactions from a single set of self-issued accounts. Read more about our Correspondent Banking solution.
Built-In FX Capabilities:
- Auto FX conversion
- Request for Quote (RFQ)
- Held Rates
Flexible SWIFT BIC Options: Use either a non-connected or connected SWIFT BIC. You can start non-connected and connect later if needed. Note: A connected BIC is required if you want to use our Correspondent Banking solution.

Note: Indirect scheme access is subject to licensing and scheme approval. At a minimum, you must be licensed as a payment institution with permission to issue payment accounts and complete the relevant scheme adherence process for each scheme in scope.

Available Payment Schemes

EUR Payment Schemes

Scheme	Overview	Scheme Adherence	Transaction Limits
SEPA Credit Transfer (SCT)	Standard euro credit transfers Full SEPA Zone reachability Uses client-visible identifiers (BIC/IBAN) for payments	EPC scheme adherence and Bundesbank submission	€999,999,999.99
SEPA Instant Credit Transfer (SCT Inst)	Settlement in ≤10 seconds 24/7 availability Instant settlement via Banking Circle's TIPS account Indirect participation in TIPS Uses client-visible identifiers (BIC/IBAN)	EPC scheme adherence	€100,000
SEPA Direct Debit Core (SDD Core)	Both, SDD Core payments and collections on your self-issued IBANs are supported Full reachability in EBA Clearing's STEP2 system and other EU-based SEPA CSMs	EPC scheme adherence and Bundesbank submission	€999,999,999.99

GBP Payment Scheme

Scheme	Overview	Scheme Adherence	Transaction Limits
Faster Payment System (FPS)	Instant GBP payments UK domestic reach Access via Banking Circle's direct Pay.UK Faster Payments membership Supports existing sort code migration or new issuance Uses client BIC and Sort Code and Account Number combinations and IBANs	Pay.UK scheme adherence (UK FCA regulated entities only)	£1,000,000

Note: We can issue a sort code for you or help you migrate your existing sort code from your current provider without any disruptions to your GBP payment flow.

Nordic Payment Schemes

Currency	Scheme	Overview	Scheme Adherence	Transaction Limits
DKK	TIPS DKK	Danish instant payments Based on the European TIPS platform Uses Danish BIC and IBAN format	NPC Membership Local branch NPC Adherence	DKK 500,000
SEK	RIX-INST	Swedish instant payments Real-time payments in Swedish Krona Based on the European TIPS platform	NPC Membership Local branch NPC Adherence	SEK 1,000,000

Implementation and Support

To discuss implementing this solution, learn more about its capabilities, or for any technical queries, please reach out to your relationship manager.

Note: Your self-issued IBANs must be uploaded to Banking Circle for account whitelisting. This is required to enable incoming payments for instant schemes: SCT Inst (EUR), UK FPS (GBP), DKK Instant, and SEK Instant.