Disruptor tackles ‘closed shop’ of international payments sector
Tuxedo Money Solutions signs up to Saxo Payments Banking Circle for fast, compliant and secure international transactions
London, 16th June 2015 – Today, global transactions services provider, Saxo Payments is announcing a major contract win, with Tuxedo Money Solutions. The ground-breaking Saxo Payments Banking Circle will deliver fast cross border transfers for Tuxedo Money Solutions and its corporate client base, in all major currencies, between almost any countries in the world, at significantly reduced cost compared with banks.
In contrast to conventional international banking processes, the Saxo Payments Banking Circle enables immediate transfers to bank accounts worldwide at very low cost. Designed to empower the swathe of FinTech businesses seeking to exploit the global digital marketplace, Saxo Payments mitigates the prohibitively expensive traditional banking fees – often around 5% per transaction. The Saxo Payments Banking Circle allows merchants to receive funds within minutes of clearing rather than having to work to conventional banking timescales and at a fraction of the cost of traditional providers – approximately 1% or less.
Anders la Cour, Chief Executive Officer, Saxo Payments said: “The new global consumer has driven innovation and demand for cross border transactions, which has seen an emergence of new payment methods, from e-invoices and mobile to electronic wallet and virtual card systems. Despite this, many FinTechs face a common challenge; the lack of ability to offer low-price, cross border transfers with low currency risk to their merchants.
“We are enabling enterprises with international client bases, like Tuxedo, to focus on their core business while extending their value chain and product offering, allowing them to compete directly with the banks. We are doing this by giving them the ability to offer their clients the facility to manage global transfers quickly and cost effectively, truly empowering global trade. Our ground-breaking solution ensures that financial regulation is completely adhered to, without impacting on business success.”
Tuxedo Money Solutions is a payment solutions provider, with extensive experience in the delivery of prepaid card and alternative payment solutions.
John Sharman, Chief Executive of Tuxedo Money Solutions added: “At Tuxedo we have developed an exceptionally robust and flexible payment platform, capable of operating a wide range of domestic and cross border payment solutions. We are currently building the most comprehensive cross border payment solution in the market, giving our clients the ability to transfer money via multiple means; from transfers to e/m wallet payments and virtual card solutions. By partnering with Saxo Payments, we will be able to deliver a truly global cross border payments solution focused on delivering low cost transfers to our multinational client base.”
At the heart of the Saxo Payments Banking Circle is a global transaction hub, to facilitate international transfers via domestic banking accounts in separate countries and for separate currencies. Saxo Payments provides businesses with access to a global account infrastructure, combined with a competitive FX solution operated on a fully secure and compliant clouded Oracle-based banking platform.