wamo x Banking Circle: What you need to know

Banking Circle, a next-generation bank renowned for its high-tech, super-secure infrastructure and global financial access is our new banking partner. Here’s everything you need to know about this partnership, including:

Banking Circle is a fully licensed next-generation bank that’s reshaping the picture of global finances. Founded in 2016, they’ve quickly become a leader in providing payment and banking solutions to fintechs and institutions worldwide and now process over 10% of Europe’s B2B e-commerce flows, upwards of €250 billion, every year.

After getting our own Electronic Money Institution (EMI) license (read more on EMIs in this blog post), we partnered with Banking Circle to benefit from their established banking infrastructure. This partnership enables us, as an EMI, to provide you with a seamless, compliant global banking experience.

Our decision to partner with Banking Circle was driven by their commitment to innovation and their robust global payment network. Banking Circle’s infrastructure allows for faster, more efficient cross-border payments, with direct connection to local clearing systems in all major markets so we can offer quicker settlement times on transactions and reduced costs for payments.

Banking Circle is regulated by multiple authorities, who work together to keep you safe:

It’s also compliant with:

This multi-jurisdictional oversight ensures incredibly high standards of compliance and security at all times.

Banking Circle employs several measures to protect customer funds, including:

This partnership enhances our services without requiring any action from our customers. You’ll benefit from improved international payment capabilities and lower transaction fees.

Yes, you can still use your wamo cards with the old IBAN during the migration period if there is sufficient balance in the card’s linked account. We’ll keep you informed as this transition progresses, including letting you know when new wamo cards are available to order.

There are no changes planned to our fee structure, but this partnership may allow us to offer more competitive rates for international transactions, which may mean a reduction in fees. Any changes to fees or charges, whether it’s a reduction or an increase, will be communicated clearly and in advance.

Through Banking Circle’s infrastructure, we can now offer:

Absolutely. Both wamo and Banking Circle adhere to strict data protection regulations, including GDPR. Your personal and financial information remains secure and safe, and will only ever be used to facilitate the services you’ve requested.

This change only affects our customers based in the EU. If you’re a wamo customer outside of the EU, there will be no impact on your account or services. We’ll keep you informed of any future updates.

As an EMI (Electronic Money Institution), we’re authorized to safeguard your funds within our own system. However, partnering with Banking Circle allows us to leverage their advanced banking infrastructure to enhance transaction speed, reduce fees, and ensure even greater security for your money.

For any questions or concerns about our partnership with Banking Circle, please contact our Support Team at support@wamo.io. We’re here to help, and can provide you with more detailed information about how this collaboration benefits your business.