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Saxo/SafeCharge Pair On Cross-Border Payments

Transaction services provider Saxo Payments announced a new partnership with SafeCharge, a FinTech company, to extend fast and cost-effective cross-border payment services in multiple currencies to companies around the world.

With the partnership in place, SafeCharge will effectively be able to render services, extended by Saxo Payments and integrated with its own offerings, to its clientele.

“We are adding Saxo Payments to our partners network as part of our strategy to broaden our payments offering. Saxo Payments offers us the global payments services we need under one roof supporting our business and worldwide client base,” said David Avgi, CEO of SafeCharge. “Through this partnership, we can expand our merchants business by offering a reduced rate, cross-border payment solution, which is essential in a global market.”

While Saxo Payments will gain access to SafeCharge’s client base, which spans several countries around the world, SafeCharge will gain membership to the Saxo Payments Banking Circle that will help it deliver faster transaction services and lower currency conversion and transfer rates for cross-border payments, according to a press release. Moreover, through its membership, SafeCharge will also be able to offer its clients bank accounts under its own label.

“We are proud to be selected by SafeCharge to deliver a smart cross-border settlement account for its premium client base,” said Anders la Cour, CEO of Saxo Payments. “This is a key milestone in our global distribution plan.”

Saxo Payment’s Banking Circle, which was debuted by the company at Money20/20 last year, is a global consortium of payments companies that work with each other to lower exchange rates and provide faster payment services. Some of the early adopters of the Banking Circle include First Data and Allied Wallet.

“Our goal in creating the Banking Circle banking platform is to help payments businesses extend their value chain, from simply disrupting the user experience to disrupting the entire cross-border bank transfer process,” said la Cour at the Money20/20 event.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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