Global foreign exchange (FX) and payments specialist, Saxo Payments, has announced that it is extending its presence in the international trading sector with the introduction of a real-time FX trading platform which will be accessible to members of the Banking Circle.
Saxo Payments Banking Circle Real-time FX enables Corporate Treasury Departments to trade foreign currency in a highly cost-effective manner, and allows them to manage international transactions using the cross border payments platform. The combination of the two services delivers important business efficiencies for handling FX conversions as well as providing important market advantage and revenue opportunities.
Real-time FX capitalises on Saxo Bank’s FX trading platform and Oracle’s FLEXCUBE core banking platform. It is fast and easy to navigate and can be accessed from any desktop, tablet or mobile device. Orders can be placed directly in a company’s trade ticket from a mobile or tablet and push notifications and alerts allow users to react to market movements instantly. Trades have optimal accuracy and low slippage and under normal market conditions, prices marked in green in the Banking Circle Real-time FX platform reflect firm pricing with no re-quotes.
HotForex extends partnership with Paris Saint-GermainGo to article >>
Treasurers can also use the Banking Circle to open currency accounts and handle incoming and outgoing payments efficiently, enabling them to make savings on currency conversion costs.
For high value transactions where the lowest possible cost is vital, Real-time FX can be used to get the best rate real-time, with the best margin, then handling the payment as a like-for-like payment, for example, sending EUR from a EUR account.
In terms of low value transactions, where the treasurer doesn’t want to commit internal resource to trading and risk management, the FX rate is secured as part of the processing of the payment through the Banking Circle. The outgoing payment is therefore instructed as an FX payment, for example, sending EUR from a USD account.
Anders la Cour, Chief Executive Officer, Saxo Payments explained: “For businesses that need to buy foreign currency on a regular basis, the big challenge is buying at the best rate and keeping costs down. As we are already providing businesses trading internationally with a cost-effective alternative to conventional bank transfers, it makes complete sense to make FX trading and payments an integral part of the platform, giving an even greater opportunity to enhance profits and cut costs…this is another example of the innovation Saxo Payments is bringing to the international trading marketplace, reducing costs for businesses trading around the world”.