Three years ahead of the 2025 deadline for completion, Banking Circle has reportedly “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.”
Laust Bertelsen, CEO of Banking Circle, stated:
“To conduct business, financial institutions exchange massive amounts of information with their customers and other institutions. 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.”
Bertelsen added:
“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.”
Payments bank, Banking Circle, recently appointed Nick Tubb “as Global Head of FX to drive the Foreign Exchange (FX) commercial strategy for the Bank.”
Nick’s 25 years’ experience in commercial roles in high growth sectors and geographies in the payments space “will be highly valuable to the Bank’s strategy and success.”
Nick joins Banking Circle from the digital commerce management team at Worldline (formerly Ingenico / Global Collect) “where he held overall responsibility for global revenues.”
Prior to that he spent more than a decade in non-bank commercial FX, “leading business acquisition and growth teams, and has experience working in the UK, North America, Australia, Singapore and the Netherlands as well as running operations in Europe and Scandinavia.”
Anders la Cour, CEO of Banking Circle Group, noted:
“We are delighted to welcome Nick Tubb to the ever-growing Banking Circle team. His career has spanned cross-border payments, FX and global e-commerce in B2B environments around the world, almost exclusively working for businesses in high growth phases. With his focus on value creation and partnership to deliver sustainable business results, Nick’s impressive global experience means he is perfectly placed to help drive forward our Global FX plans.”
Anders la Cour added:
“We look forward to working with him to grow the Banking Circle ecosystem and develop our FX propositions to meet the changing needs of our clients and their underlying customers.”
Nick further noted:
“Banking Circle is an inspirational business, and I am delighted to have the opportunity to play an important part in its exciting growth journey. I look forward to working closely with my team and other teams within the Bank to develop and grow the overall FX strategy, focusing on delivering value to customers across the regulated payments space through innovative and seamless transactional solutions.”