Through Banking Circle as a direct clearing participant, payments businesses and banks can now pay out and collect payments locally in Denmark on behalf of their customers. Banking Circle’s investment in establishing direct clearing for the Danish Krone will help payments businesses and banks to extend the services they offer to their ecommerce clients to capitalise on this market.
Previously, businesses based outside of Denmark and wishing to trade in the Danish market had no choice but to rely on correspondent banking network, as representatives stated. The new clearing capability and direct settlement on Banking Circle’s own account with the Danish Central Bank, integrated into the cloud-based payments infrastructure, means that clients can process payments in DKK as if they were local transfers.
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