International

Saxo Bank Is Launching Payments Banking Market Platform

Saxo Bank is setting its sights on changing international payments. The company, through its two-year-old Saxo Payments platform, is tackling both compliance and security in an effort to ease the creation of international transaction accounts, Saxo said in a Thursday (June 4) press release.

The European bank, with offices in Copenhagen and London, has said that financial tech firms, nimble and fast, can “directly conflict” with large banks that view the startups as risky even as the larger institutions are slow to change. The payments platform, Saxo said in the release, gives a strong conduit across the payments spectrum; fees, it said, are “negligible,” and even cross-border payments occur instantaneously.

The platform is currently in the trial stage with several businesses, said Saxo.

“Currently the traditional banking model for international payments adds significant cost and time to transactions. Plus FinTech businesses struggle with the compliance requirements of the banks. That’s where Saxo Payments comes in,” Anders la Cour, Saxo founder and CEO, said.

“We are enabling FinTech enterprises with global ambitions to extend their value chain so that they can compete directly with the banks. We are doing this by creating the Saxo Payments Banking Marketplace, which gives…merchants the facility to pay suppliers and partners directly from a Web interface delivered by them and powered by us,” the company said.

Late last month, Saxo said it, along with FXCM, based in the U.S., would be buying Citi’s margin foreign exchange business, with a focus on retail trading.

In a recent bit of news, Payoneer shone a spotlight on cross-border workings earlier this month. The company said that it has launched a new platform that can help funds be transferred across countries to help pay employees. Key issues helped by the platform’s development have included speed and security of transactions.

To check out what else is HOT in the world of payments, click here.

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With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

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