Banking Circle, a financial infrastructure developer, has been awarded a banking license from Luxembourg’s financial regulator.
Established in 2013, Banking Circle serves as an alternative to the high-cost traditional banking network. The company’s services aim to provide greater financial utility, allowing Fintech firms to gain access to real-time payments without making large investments into upgrading their own internal systems.
Banking Circle has acquired its own banking license from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF).
Anders la Cour, chief operating officer at Banking Circle, stated:
“Securing our Banking Licence gives us the ability to deliver bank accounts on a global scale so that we can extend our propositions, enabling Payments businesses, such as PSPs and acquirers, to offer banking services to their clients without having to invest in their own costly infrastructure.”
He added:
“We’re also providing Banks with the ability to extend the services they can offer to their business clients without facing hefty infrastructure investment and regulatory burden.”
As mentioned on its official website, Banking Circle’s services aim to provide financial service providers with “faster, more efficient ways to conduct business on a global scale.”
Banking Circle’s products are “unconstrained by convention.” Its B2B banking solutions have been developed to meet the requirements of companies that want “the freedom to trade globally.”
Membership is offered to financial institutions such as card acquirers, PSPs, APMs, FX payment providers, and banks, the Banking Circle team notes.
Merchant Membership is open to merchants who join with the assistance of their payment solution providers.
