Easing friction in cross-border payments isn’t just about underlying technology; it’s also about making connections across the globe.
Saxo Payments first announced its solution to global payments friction last October at the Money20/20 conference. Banking Circle is the firm’s platform that connects players of the international payments community, helping them lower cross-border transaction fees and the cost of foreign exchange.
On Tuesday (Feb. 2), Saxo announced that Banking Circle is upping its number of connections. The platform has added six new currencies: United Arab Emirates dirham, Hong Kong dollar, Romanian leu, Saudi riyal, Singapore dollar and the South African rand.
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The new currencies join the existing 20 currencies supported by Banking Circle, the company said.
“The launch of the Banking Circle in 2015 was designed to help payments businesses reach new markets worldwide, without the financial and process burdens of traditional banking,” said Anders la Cour, Saxo’s chief executive officer, in a statement. “We are already helping our members and their partners make global transfers in a wide range of currencies. With the addition of these new currencies, we are opening up cross-border payments for an even wider range of businesses.”
FinTech companies can join Banking Circle to provide bank transfer capabilities to their customers. This, Saxo said in its announcement, means these firms compete directly with banks and traditional FIs.
The solution is geared directly at B2B payments needs, providing a mechanism by which companies can pay their suppliers and partners that are overseas and across borders, for lower costs than what is often offered by traditional banks.
Merchants and corporations can join the platform as well to send and receive payment.