Banking Circle: low cost cross border transfers

Saxo Payments has launched Banking Circle, for its international payments community.

Banking Circle  is a marketplace that disrupts traditional international B2B banking, delivering significant advantages for FinTechs and their merchants as well asd providing transaction fees lower than any traditional bank; highly competitive FX rates and transfers in minutes or seconds rather than days.

“Our goal in creating the Banking Circle banking platform is to help payments businesses extend their value chain, from simply disrupting the user experience to disrupting the entire cross border bank transfer process”, explained Anders la Cour, CEO, Saxo Payments. “With a number of key payments brands already members of the Banking Circle, including First Data, Tuxedo Money Solutions, Credorax and Allied Wallet, Banking Circle is playing a fundamental role in global trade.”

By becoming a Member of the Saxo Payments Banking Circle – which is open to any FinTech business (card acquirer, payment gateway, P2P lending business) or other tech related enterprise- a 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.  Payments made to non-members of the Banking Circle can be made at low cost typically enabling the non-member to receive payment in one day – irrespective of location.

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