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Saxo Payments launches Banking Circle Virtual IBAN for FX, payment businesses

Tuesday 14 February 2017 | 11:36 AM CET

Saxo Payments, a provider of global payment account transaction and foreign exchange services, has launched the Banking Circle Virtual IBAN service for FX and payment businesses.

Delivering faster settlement on payments and transfers, Banking Circle Virtual IBAN is a new proposition, giving FX and Payments businesses an enhanced service that they can deliver to their customers. The launch of the new offering from Saxo Payments is addressed to the current challenge in cross-border payments.

As a multi-currency, multi-jurisdictional banking solution Banking Circle Virtual IBAN, negates the need to have several banking relationships and enables FX and Payments businesses to give their customers their own virtual IBANs.

Banking Circle Virtual IBAN reduces the likelihood of errors in processing cross-border payments. Plus reconciliation and settlement times are improved, helping FX and Payments businesses improve the customer experience. End-to-end transparency also reduces AML and KYC risk.

FX and Payments businesses set up a master account on the Banking Circle platform, in as many currencies that they require to service their customers. Then, by issuing a single, multi-currency IBAN from their master account, FX and Payments businesses can allow their customers to receive any of the currencies supported by Saxo Payments into a single IBAN.

With a fast account set-up, customers can send money to the virtual IBAN account, allowing for payments to be made and received at lower rates per transaction. And the FX and Payments business can provide its customers with their online account status.

For more information about Saxo Payments, please check out a detailed profile of this company in our dedicated, industry-specific online company database.

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