What does the Omnio Group’s exclusive launch at the Tower of London mean for the fintech sector?

The launch showcases the successful merger of our two predecessor companies—Payment Cloud Technologies (PCT) and Tuxedo Money Solutions. PCT was an incredibly strong fintech in cloud-based banking while Tuxedo was a leader in digital payments, so the powerful combination of the two gives Omnio the scale, resources, and the global reach to be a true global fintech partner.

What was the main focus of the launch?

The opening ceremony was attended by over 250 of the some of the most important influencers and experts in the global banking and payments industry. Attendees were formally introduced to Omnio’s new brand and vision which takes into account our insight into the state of the global financial services sector.

In addition to the Omnio presentation, some of our industry friends and partners took to the podium to talk about the highlights of their experience with the business. Peter Altabef, Chairman and CEO at Unisys explained the strategic partnership with Omnio and how the partnership helps power its Elevate™ product set that are being used to deliver cloud-based digital current account services to their global customers, including the signed deal with the Monmouthshire Building Society (MBS).

Former Senior Executive Director at AnPost, Liam Sheehan, highlighted the business’s unique platform and how it powered the digital banking element of AnPost’s Smart Account. While Chris Pond, Chairman at Lending Standards Board, in his key note address explained the scale of financial exclusion, alluding to the 1.3 million citizens in the UK without a bank account and how the government is now recognising the problem. He spoke about how, Change Account, one of Omnio’s subsidiaries, is doing sterling work in this area with the credit unions.

What is Omnio’s new brand all about?

The new brand is an opportunity to redefine Omnio, by showcasing how we are at the heart of the revolution sweeping through the global financial services market in digital banking and payments.

In the world of B2B, it’s important that we ensure that all of the key stakeholders in the world of banking and payments know our new brand, while at the same time taking steps to safeguard against the loss of past collateral or brand equity. It’s also vital that our existing stakeholders and prospective partners fully understand our bold new vision, and appreciate our new capabilities as a true global fintech player. Our launch has been carefully calibrated to achieve all of this—communicating our new brand and our new capabilities, while also highlighting and reinforcing our impressive pedigree.

How will the merger of Payment Cloud Technologies and Tuxedo Money Solutions help innovation in the global banking and payment services market?

Bringing together the two expert PCT and Tuxedo teams, combined with the £70 million investment, means that we at Omnio Group now have a great deal of talent, digital assets, and resources at our disposal.

This will particularly benefit the product innovation for our digital banking and payments propositions—we will be able to significantly speed up the delivery of innovative new products. These will join our innovative cloud based Omnio. VISION client engagement platform is already on the market, supported by our programme and reliable banking system, VISION digital banking offering, as well as our flexible payment VISION payments option.

The increased resources will also help us further boost the support we offer our clients through our Global Managed Services. This offering allows us to guide our clients through the launch of their banking or payment service, from initial conception, to development and implementation, to ensure they have the best solution for their needs. We are even able to offer on-going customer service and technical support once the solution is launched so that we can support clients in meeting their customers’ evolving needs. Omnio is a member of Visa and MasterCard and a preferred supplier to both the schemes. Thanks to the merger, we can further enhance these managed services, opening up new revenue streams for our business.

In addition, merging the two companies also means that we will be able to create synergies in the services we offer all of our customers. This will enable us to benefit from economies of scale, which we can pass on to customers. As a result, it will help us become even more competitive, driving more sales.

Finally, the merger has given us a truly global reach—now we will be able to provide banking and payment support to our customers no matter where in the world they are operating, enabling them to grow their business internationally.

Can you explain Omnio’s role in powering the digital banking element of AnPost’s Smart Account?

AnPost’s Smart Account was the second banking-grade product to go live with our bank VISION platform. It equipped the smart account with a digital account that included all the cloud-based functionally rich benefits of a top tier current account, with two unique additional features: Digital wallets that allow for the subdivision of spending, budgeting and bill payments and Smart Rewards, a cash-back loyalty scheme that benefits customers who use the account at selected retailers.

This means that Smart Account customers can make payments, and transfers, switch funds between main accounts and wallets, and check their balance online or through mobile. They can also complete transactions at the branch including account application, lodgements, withdrawals, mini statements and balance enquiries at one of AnPost’s 1,100 branches nationwide. The new cloud-based platform helps Anpost to leap from its competitors and dramatically lower its cost of operations allowing them to focus on giving their customers a superior experience.

The partnership with AnPost represents a significant step for us as we were building on our reputation in the digital banking market and furthering our goal of widening access to fit-for-purpose financial products for customers worldwide.

How will Omnio lead the fintech market in the next two years?

The next two years will see significant growth in the markets and Omnio is going to be part of leading the changes this brings. We already serve more than two million users around the world on our Omnio. VISION platform and we want to grow this number further through direct sales and through our strategic partnerships such as Unisys. The Omnio team will focus on completing a number of key strategic acquisitions that are currently in the pipeline. These will reinforce our product scope and our international expansion, enabling us to continue growing our banking platform throughout Europe. In doing so, it will further strengthen our international presence. This will give us a strong foundation to build on the support we provide to our existing customers, so that we can help them achieve their ambitions to grow and scale their businesses around the world.

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The combination of an eWallet with the traditional card is unique among existing travel payment solutions available in the country, and means that account holders can store the bulk of their funds in a secure digital space, only downloading cash to their card when and where they need it.

This is crucial for Austrian gap-year travellers. Many have saved considerable sums to pay their way on their tour, so having a secure digital space to store the majority of their money until they need it ensures that, if they lose their card, they can be confident their money is safe and secure. Thanks to Omnio’s global presence, a replacement can be sent to STA Travel’s customers quickly no matter where in the world they are staying.

In addition, as a Mastercard® the product can be used at any of the 35 million locations and two million ATMs across the globe where the card scheme is accepted.

Speaking about the launch of the card and digital account into Austria, Anneli Buehrle, Ancillary Product & Contracting Manager at STA Travel explained: “Our launch into Austria is just the latest step for our travel payment offering – is the card and account already available to customers in the UK, Germany and Australia and is used by travellers in more than 181 countries around the world every year.

“Omnio has played a key role in helping us create this unique product and achieving the international coverage we offer. The company’s global presence and local knowledge means we are able to deliver a travel payment solution that our customers can be confident about using in even the most exotic places around the world.”

Rob Darby, Director of Partnerships at Omnio, added: “We’ve been collaborating with STA Travel on developing its payment solutions for a decade now, and are proud to have supported it in achieving its global growth ambitions. We’re looking forward to continuing to work with the company to create even more new products to meet its customers’ needs well into the future.”

Ian Clowes, CEO at Omnio, concluded: “It’s fantastic to see how this card and digital account has gone from strength to strength in recent years. Travellers are constantly on the lookout for ways to pay for treats on their holiday without having to worry about losing their money. Innovative solutions like this, which provide the perfect balance between security and convenience for travellers can go a long way towards helping travel brands thrive in the long term in a competitive global market.”

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June 17, 2015: Saxo Payments on Tuesday announced a major contract win with Tuxedo Money Solutions. The ground-breaking Saxo Payments Banking Marketplace will deliver fast cross-border transfers for Tuxedo Money Solutions and its corporate client base, in all major currencies, in almost any country in the world, at significantly reduced cost compared with banks.

In contrast to conventional international banking processes, the Saxo Payments Banking  Marketplace enables immediate transfers to bank accounts worldwide at a very low cost.  Designed to empower the swathe of FinTech businesses seeking to exploit the global digital marketplace, Saxo Payments mitigates the prohibitively expensive traditional banking fees – often around 5% per transaction. The Saxo Payments Banking Marketplaceallows merchants to receive funds within minutes of clearing rather than having to work to conventional banking timescales and at a fraction of the cost of traditional providers – approximately 1% or less.

Anders la Cour, Chief Executive Officer, Saxo Payments said: “The new global consumer has driven innovation and demand for cross border transactions, which has seen an emergence of new payment methods, from e-invoices and mobile to electronic wallet and virtual card systems. Despite this, many FinTechs face a common challenge; the lack of ability to offer low-price, cross border transfers with low currency risk to their merchants.

“We are enabling enterprises with international client bases, like Tuxedo, to focus on their core business while extending their value chain and product offering, allowing them to compete directly with the banks.  We are doing this by giving them the ability to offer their clients the facility to manage global transfers quickly and cost effectively, truly empowering global trade. Our ground-breaking solution ensures that financial regulation is completely adhered to, without impacting on business success.”

Tuxedo Money Solutions is a payment solutions provider, with extensive experience in the delivery of prepaid card and alternative payment solutions.

John Sharman, Chief Executive of Tuxedo Money Solutions, added: “At Tuxedo we have developed an exceptionally robust and flexible payment platform, capable of operating a wide range of domestic and cross border payment solutions. We are currently building the most comprehensive cross border payment solution in the market, giving our clients the ability to transfer money via multiple means; from transfers to e/m wallet payments and virtual card solutions. By partnering with Saxo Payments, we will be able to deliver a truly global cross border payments solution focused on delivering low cost transfers to our multinational client base.”

At the heart of the Saxo Payments Banking Marketplace 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.

Press Release

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