Banking Circle Account Type

Banking Circle offers various account types tailored to meet the needs of payment businesses, banks, and marketplaces. The main account types include:

• Multi-Currency Settlement Accounts: These accounts support transactions in 24 currencies and are designed for regulated activities, allowing businesses to manage their treasury operations effectively.

• Safeguarding Accounts: Specifically for authorized payment institutions and e-money institutions, these accounts ensure compliance with regulatory obligations by safeguarding client funds.

• Operational Accounts: Available for regulated entities, these accounts facilitate daily operational needs and can be linked to underlying virtual accounts for streamlined reconciliation.

• Virtual Accounts: Also known as virtual IBANs, these accounts allow businesses to issue unique account numbers to their customers, enabling payments to be sent and received in the customer's name.

• Payments on Behalf Of (POBO) & Collections on Behalf Of (COBO): These solutions provide transparency and efficiency in managing funds, allowing businesses to act on behalf of their customers.

Banking Circle Broker Account Opening Process

To open a broker account with Banking Circle, follow these steps:

• Visit the Website: Go to the Banking Circle website to access the account opening section.

• Complete the Application Form: Fill out the required information in the application form, providing details about your business and intended account usage.

• Verify Your Email: After submitting the application, you will receive an email to verify your email address.

• Submit Additional Documentation: You may be required to provide further documentation for Know Your Customer (KYC) verification.

• Account Review: Banking Circle will review your application and documentation, typically within two business days.

• Account Approval: Once approved, you will receive confirmation and instructions for accessing your account.

• Fund Your Account: Connect your bank account and complete an initial wire transfer to fund your new broker account.

• Start Trading: After your account is funded, you can begin trading and managing your investments.

For more detailed information, visit: Banking Circle