Saxo Says Brexit Will Have Impact Amongst Payments Professionals
There is some really exciting research being conducted by revolutionary payments innovator Saxo Payments.
The company has revealed the potential impact of Brexit amongst payments professionals. Anders la Cour, the proud founder and CEO of Saxo Payments presented the findings at the European Payment Summit, in The Hague, as he examined the opportunities for the next generation of FX payments.
When the question was posed about the potential impact of the UK’s exit from the European Union, more than a third of those who responded in the survey said they are considering moving operations currently in the UK before the country’s decision to bail from the union. More than half said they plan to change financial partners.
The research also included that while 37 percent would like to have just one banking relationship to facilitate FX payments, the truth is a third have five or more.
“Clearly the UK’s exit from the EU is taking considerable thinking time for businesses right across the Union”, said Anders la Cour. “And one area that needs to be addressed is stability in the processes that businesses use for cross border payments. Whatever else might happen, they want to have certainty about cash flow and costs.
“Indeed, our piece of focused research amongst payment professionals suggested that there is an appetite for businesses to find a third party one-stop-shop to provide the platform for their cross border payments with nearly 60% advocating this approach, driven by a desire to reduce external costs and improve cash flow.”
At the European Payment Summit, Anders la Cour talked a bit about whether or not the next generation of cross border payments marks the end of corespondent banking.
According to Anders la Cour, the answer is in a whole new ecosystem that is rapidly expanding to provide the infrastructure for B2B cross border payments without any need for correspondent banks.