Saxo Payments Launches Solution for FX & Payments

February 14, 2017         By: Mike Dautner

Adding to its successful Banking Circle platform, Saxo Payments is launching Banking Circle Virtual IBAN.

Bringing to the fore full transparency and faster settlement on payments and transfers, Banking Circle Virtual IBAN is a one of a kind proposition, offering FX and Payments business a vital edge through the enhancement in service which they can deliver to customers.

This announced launch from Saxo Payments in perfectly aligned with obvious challenge facing cross border payments. Because it is a multi-currency, multi-jurisdictional baking solution Banking Circle Virtual IBAN, eliminates the need to maintain multiple banking relationships and allows FX and Payments businesses to offer faithful customers virtual IBANs.

As a result of the launch, full transparency, payments acceptance, and screening time are reduced. FX and Payments companies need only set up a controlled account on the Banking Circle Platform in as many currencies needed to service customers. After that, by issuing one, multi-currency IBAN from the controlled account, FX and Payments businesses vastly improve the overall customer experience.

“Giving FX and Payments businesses the ability to issue individual IBANs to their customers, in any currency required – and in each customer’s name – Banking Circle Virtual IBAN is a serious game-changer in the FX payments arena”, explained Anders la Cour, CEO of Saxo Payments.

“It eliminates the need to set up banking relationships in multiple currencies and countries, thereby enabling FX and Payments businesses to offer a more tailored service to their customers.  Through the ability to issue accounts in their customer’s name, we believe Banking Circle Virtual IBAN gives FX and Payments businesses a genuine competitive edge over traditional FX payments services.”