Innovative banking platform opens the doors for PSPs without a licence to trade in Europe
Saxo Payments, the global transactions services provider, has launched an innovative new tool for non-European PSPs at Money 2020. Designed to support PSPs that do not have a licence to trade in Europe – and their merchants – the Saxo Payments Banking Circle Access Europe, enables immediate transfers to bank accounts both within the European Union and the rest of the world, at very low cost. By joining the Banking Circle Access Europe, a PSP in China or the U.S., for example, can service the global requirements of merchants wanting to trade in Europe.
The latest innovation from Saxo Payments, which has also unveiled its new brand – Banking Circle – at Money 2020, Banking Circle Access Europe is operated on a fully secure clouded Oracle-based banking platform, and enables PSPs all over the world to enhance their merchant proposition. As members of the Banking Circle they can offer merchants access to instant cross-border transfers, with low FX rates and fees, without any need to complete lengthy European licence applications. IBAN accounts can be opened instantly in over 25 currencies, with a range of access payment methods, including SEPA, Faster Payments and SWIFT, giving merchants a strategic advantage.
“Banking Circle Access Europe enhances any PSPs value proposition, by enabling them to give non-European merchants the ability to trade in Europe as well as other geographies” explained Anders la Cour, Chief Executive Officer, Saxo Payments.
“With no need to go through the long process of applying for an International licence, merchants from anywhere in the world can grow their business and their profits on a global scale. And merchants that encourage their partners to join the Banking Circle will benefit from receiving funds and making payments in seconds, rather than days.”
With access to fast, affordable cross-border transfers in any currency, Banking Circle supports rapid business growth, by giving access to new markets without the need for multiple banking relationships. Mutual members of the Banking Circle can pay or receive funds in seconds and free of charge. And transfers to non-members can also be completed next day payments at a low rate.
“Saxo Payments Banking Circle offers a space where every member benefits from being part of the community” continued Anders la Cour. “Transfers can be made to partners in seconds, regardless of location, helping PSPs, card acquirers and other payment businesses attract more merchants and grow their business in new markets. It’s a ground-breaking solution that truly makes a difference to global trade.”