Cross Border B2B Payments – Today’s Landscape; Tomorrow’s Opportunity
Saxo Payments, the global transactions services provider, is offering an insight into the current global B2B payment landscape, with the creation of a new infographic – available to download. With global trade flows estimated to triple between 2014 and 2024*, Saxo Payments carried out exclusive research into the challenges and opportunities facing businesses carrying out cross border payments.
The new Saxo Payments Cross Border B2B Payments infographic sets out the challenges - and opportunities - that exist in the current marketplace.
Saxo Payments surveyed issuers, acquirers and PSPs as well as merchants, for a rounded view of the market, covering issues such as speed of money transfer, fees for international payments, and FX rates. The survey results included within the infographic reveal that of these businesses, 48% are dissatisfied with the fees they pay for international transfers, and 80% of businesses would switch provider if they found a solution which cost less. However, a third of respondents haven’t even looked around at other options – with lack of time for research given as the most common reason.
“In an increasingly digital world, real-time international payments are crucial for the global economy,” explained Anders la Cour, Chief Executive Officer for Saxo Payments. “With huge growth expected in the next decade, the payments industry needs to be able to meet that demand, and our infographic illustrates where the challenges and opportunities exist.”
“The most exciting part, for us, is the high proportion of respondents who recognise the opportunities of newer and lesser-known providers, and would be willing to employ one if it meant a better and cheaper service. The Saxo Payments Banking Circle provides the capability to make and receive cross border transfers in seconds rather than days, at very low cost in multiple currencies, which means this opportunity can be firmly grasped by forward-thinking businesses.”
The full white paper, including all survey results, is available to download.
*Source: McKinsey Global Institute – Global trade flows in a digital age – April 2014.
In 2013 Saxo Bank formed a new entity, Saxo Payments A/S, with the purpose of using 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 European Union, 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.