Latest innovation from global transactions services provider adds value for FX payments businesses

London, 5th April 2016 – Saxo Payments, the global transactions services provider, is extending its footprint in the international trading sector with the development of a real-time FX trading platform, accessible to members of the Saxo Payments Banking Circle. Ideal for FX payments businesses looking to add value to their service proposition, Banking Circle Real-time FX eliminates the need for FX payments businesses to use banks for FX trading or payments.

Saxo Payments Banking Circle Real-time FX enables FX payments businesses to trade foreign currency highly cost-effectively. And by being part of the Saxo Payments Banking Circle, FX payments businesses can also manage international transactions on behalf of their clients using the cross border payments platform. The combination of the two services not only delivers important business efficiencies for handling FX conversions, but provides important market advantage and revenue opportunities.

Capitalising on the award-winning intuitive Saxo Bank FX trading platform, and Oracle’s FLEXCUBE core banking platform, Banking Circle Real-time FX is fast and easy to navigate and can be accessed from any device – desktop, tablet or mobile. Orders can be placed directly in a company’s trade ticket from a mobile or tablet and push notifications and alerts mean FX payments businesses can react to market movements instantly, enhancing their profitability and customer service. Trades have optimal accuracy and low slippage and, in normal market conditions, prices marked in green in the Banking Circle Real-time FX platform reflect firm pricing with no re-quotes.

Taking FX conversions one step further, FX payments businesses can use the Banking Circle to open currency accounts for their clients and handle incoming and outgoing payments on their behalf enabling their clients to make savings on currency conversion costs. For high value transactions where the lowest possible cost is vital and the FX payments business wants to manage their own trading and risk control, they can use Real-time FX to get the best rate real-time, with the best margin and then handle the client’s payment as a like-for-like payment, e.g. sending EUR from an EUR account.

For low-value transactions, where the FX payments business doesn’t want to commit internal resource to trading and risk management, the FX rate is secured as part of the processing of the payment through the Banking Circle. The outgoing payment is therefore instructed as an FX payment, e.g. sending EUR from a USD account.

“The challenges facing FX payments businesses today are having the capability to do the physical delivery of the foreign currency being traded, buying at the best rate and keeping costs down”, explained Anders la Cour, Chief Executive Officer, Saxo Payments. “As we are already providing businesses trading internationally with a cost-effective alternative to conventional bank transfers, it makes complete sense to make FX trading and payments an integral part of the Banking Circle platform, giving FX payments businesses an even greater opportunity to add value to their service proposition, enhance profits and cut costs.”

Saxo Payments Banking Circle Real-time FX offers:

• A global IBAN account infrastructure, providing a single platform from which FX payments businesses can trade forex and make international payments
• Competitive FX rates across 160+ currency pairs covering more than 60 countries and 20+ currency accounts
• Low payment transaction fees
• Available in real-time 24/7
• Low payment transaction fees & liquidity pricing
• Compliant payment model with full transparency of the remitter business and the beneficiary

“FX payments businesses can monitor their live exposure through Banking Circle Real-time FX”, continued Anders la Cour. “And the sophisticated risk management tools provide an overview of trading potential by displaying margin utilisation, profits/losses and more – all in real time for the best possible control of costs for a business.

“This is another example of the innovation Saxo Payments is bringing to the international trading marketplace, reducing costs for businesses trading around the world.”