Settlement Times Plaguing Cross Border Transactions
Saxo Payments is a global transactions services provider and it has some news via a released white paper.
Titled Missing the Opportunity, the whitepaper examines the challenges in front of FX and Payments businesses in relation to adding value to their proposition.
Though it may be true that cost is among the biggest concerns for half of payments-related businesses when it comes to FX transfers, the speed of setting up a currency account is much more detrimental when it comes to accommodating clients.
In fact, one in five respondents to the Saxo Payments exclusive research said it takes approximately two or three months to set up new accounts with their current provider. With nearly 44 percent cited payment settlement times as causing the longest delay to the processing of cross border payments.
“As a game-changer in the international payments industry, we wanted to identify the particular challenges facing FX and Payments businesses and banks that are servicing global enterprises”, explained Anders la Cour, Chief Executive Officer of Saxo Payments.
“The exclusive research featured in our new white paper highlights that if the current limitations in cross border payments are allowed to perpetuate, there could be a real risk of businesses operating in the international marketplace finding themselves underbanked.”
“Our new white paper identifies that although there is a growing global economy, too many businesses are still finding it hard to access the services and support they need to capitalise on this opportunity”, concluded Anders la Cour. “The emerging FinTech sector is providing some solutions, but it won’t be able to provide a genuine alternative to traditional players until it can deliver a truly competitive, added value service.
To check out the new whitepaper, go to https://www.saxopayments.com/fx-white-paper