Global trading and investment bank, Saxo Bank, has invested in a business that is setting out to give the burgeoning FinTech sector a genuine alternative to the status quo in international payments. Established in 2013, Saxo Payments is addressing the compliance and security barriers to creating international transaction accounts that are holding back the success of businesses with global trading ambitions.
FinTechs want to move fast, be opportunistic and scale their businesses quickly. But these ambitions directly conflict with large traditional banks which generally regard the emerging FinTech businesses as high risk – and are themselves less able to provide a tailored service, due to limitations in flexibility and the capacity to act quickly when required. The Saxo Payments Banking Marketplace provides a seamless conduit for bank transfers; fees are negligible and transfers – even cross border – occur instantly within the marketplace.
“There’s no shortage of new FinTech businesses delivering solutions for a global marketplace,” explained Co-Founder and CEO, Anders la Cour. “But the piece that is missing is the ability to offer international transfers that match the ‘no barriers’ ambitions of those businesses.
“Currently the traditional banking model for international payments adds significant cost and time to transactions. Plus FinTech businesses struggle with the compliance requirements of the banks. That’s where Saxo Payments comes in.
“We are enabling FinTech enterprises with global ambitions to extend their value chain so that they can compete directly with the banks. We are doing this by creating the Saxo Payments Banking Marketplace which gives FinTechs the ability to offer their merchants the facility to pay suppliers and partners directly from a web interface delivered by them and powered by us. This is done without any loss of time or cash, truly empowering global trade. Our ground-breaking solution ensures that financial regulation is completely adhered to, without impacting on business success.”
The Saxo Payments Banking Marketplace is currently being trialled by a number of businesses that require global payments facilities.
Registered as a payment institution in the European Union, Saxo Payments has offices in Copenhagen and London.