Saxo Payments adds new currencies to the Banking Circle

Responding to customer demand, Banking Circle transfers can now be carried out in AED, HKD, RON, SAR, SGD, and the South African Rand (ZAR) as well as the 20 other currencies already available. 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.

In 2013 Saxo Bank formed a new entity, Saxo Payments A/S, to use Saxo Bank’s core capabilities within the non-cash payments market. Saxo Payments A/S is a specialist in forex and payments. Registered as a payment institution in the EU, Saxo Payments specialises in providing global payment account transactions and foreign exchange services to payment providers, including acquirers, payment service providers, FX brokers, money transfer businesses, e-wallets, and alternative payment providers.