UK-based payments firm Banking Circle has secured banking licence from the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. The company is now a regulated financial institution for payments and banking, giving other financial institutions access to real-time payments (RTP) regardless of borders and size. Banking Circle will now be able to seek opportunities in other market opportunities in the new economies without having to commit to significant investment in their own internal infrastructure. It already has branches in the UK, Germany and Denmark and it now has officially opened its headquarters in Luxembourg.
“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,” said Chief Executive Officer and co-founder of Banking Circle Anders la Cour.
Further, he added,- “Securing a Banking Licence in Europe was always an inevitable goal in the development of Banking Circle. It’s also another vital step in tackling the financial exclusion that exists globally, by opening access to banking services regardless of borders. We can now extend the range of services for financial services providers, as well as extend the geographies in which we can operate.”