Members can provide bank transfer capabilities in its own name
February 2, 2016: Saxo Payments, the global transactions services provider, is strengthening the reach of the Saxo Payments Banking Circle with the addition of six new currencies. Responding to customer demand, Banking Circle transfers can now be carried out in United Arab Emirates Dirham (AED), Hong Kong Dollar (HKD), Romanian Leu (RON), Saudi Riyal (SAR), Singapore Dollar (SGD), and the South African Rand (ZAR) as well as the 20 other currencies already available.
“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,” explains Anders la Cour, Chief Executive Officer, Saxo Payments. “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.”
By becoming a member of the Saxo Payments Banking Circle, any FinTech business can provide bank transfer capabilities in its own name, competing directly with the banks in terms of offering the ability for merchants to pay suppliers and partners around the globe at low cost.
Merchants also benefit by joining the Banking Circle. Merchant Members can reduce the cost of international bank transfers significantly, sending and receiving transfers instantly and without incurring a landing fee to a recipient within the Banking Circle – no matter where they are in the world.
“Now with more global currencies than ever, more businesses can harness the power of the Saxo Payments Banking Circle”, added Anders la Cour. “We are aiming to empower more and more FinTechs to add value to their merchant proposition on a global scale, with faster, low cost payment capabilities.”