London, 2nd February 2018 – Saxo Payments Banking Circle, the ground breaking financial utility, has reinforced its position in the cross border payments sector by winning at the 2018 Card and Payments Awards.

The Banking Circle’s latest unique banking solution, Banking Circle Virtual IBAN, has won Best Industry Innovation of the Year in the 2018 Card and Payments Awards, which were announced last night in London, recognising the pinnacle in new innovation in the cards and payments sectors.

Delivering full transparency and faster settlement on payments and transfers, Banking Circle Virtual IBAN is a unique proposition, giving banks and FinTechs a crucial competitive edge by enhancing the service they can deliver to their customers. As a multi-currency, multi-jurisdictional banking solution, Banking Circle Virtual IBAN negates the need to have several banking relationships and enables financial institutions to give their customers their own virtual IBANs.

With full transaction transparency, payments acceptance and screening time are reduced. Banking Circle Virtual IBAN also reduces the likelihood of errors in processing cross border payments and improves reconciliation and settlement times.

Anders la Cour, co-founder and Chief Executive Officer of Saxo Payments Banking Circle commented: “Banking Circle Virtual IBAN gives Financial Tech businesses and banks the ability to issue individual IBANs to their customers, in any currency required – and in each customer’s name – making it a serious game-changer.

“We were up against some tough competition so winning this award is testament to the innovation and expediency of Banking Circle Virtual IBAN.”