London, 30th June 2015 – Global transactions services provider, Saxo Payments, believes it will contribute to delivering the back-office payments innovation the new Payments Regulator called for yesterday, at a conference in London.
Hannah Nixon said that “little innovation is happening around the underlying infrastructure. Few new and viable alternatives to the status quo have emerged.” She argued that the fact the big high street banks own both the schemes and infrastructure means innovation is not taking place as it needs to be.
Anders la Cour, Chief Executive Officer at Saxo Payments agrees with Hannah Nixon and believes the ground-breaking Saxo Payments Banking Circle goes to the heart of the issues she highlighted.
“We looked at the infrastructure needed to enable businesses trading globally to make immediate transfers to bank accounts worldwide at very low cost and we created a solution that addressed that need. In contrast to international banking processes where time and cost seem to be built in at every stage, we stripped both out.
“The Saxo Payments Banking Circle mitigates the prohibitively expensive traditional banking fees – often around 5% per transaction – and cuts out the unfathomable time usually incurred for funds transfer. Now payments providers like First Data and Tuxedo Money Solutions can enable their merchants to perform cross border transfers, often instantly, irrespective of geographical location of the recipient.
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.