Global foreign exchange (FX) and payments specialist Saxo Payments has unveiled Banking Circle Virtual IBAN, the group’s latest upgrade for FX and payments businesses to better streamline banking relationships and payments processing.
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Saxo Payments’ Banking Circle is a comprehensive portal that allows its constituency a variety of capabilities to make and receive cross-border transfers in real-time across multiple currencies and in a secure and compliant cloud-based environment. The expansion of the platform with Banking Circle Virtual IBAN will further help facilitate cross-border payments.
In particular, Banking Circle Virtual IBAN will help mitigate the need for multiple banking relationships. FX and payments businesses will be able to provide their customers with their own virtual IBANs – this is important for clients as it would see a dramatic reduction in payments processing and screening time, in tandem with transparency gains.
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Banking Circle Virtual IBAN’s structure also will aim to reduces the likelihood of errors in processing cross border payments. This can be achieved by FX and payments businesses installing a master account on the Banking Circle platform, also opting for nearly any major currency.
Subsequently, by issuing a single, multi-currency IBAN from their master account, FX and payments businesses will also be enabling their customers to receive any of the currencies supported by Saxo Payments into a singular IBAN.
According to Anders la Cour, CEO of Saxo Payments, in a recent statement on the expansion: “Giving FX and Payments businesses the ability to issue individual IBANs to their customers, in any currency required – and in each customer’s name – Banking Circle Virtual IBAN is a serious game-changer in the FX payments arena.”
“It eliminates the need to set up banking relationships in multiple currencies and countries, thereby enabling FX and Payments businesses to offer a more tailored service to their customers. Through the ability to issue accounts in their customer’s name, we believe Banking Circle Virtual IBAN gives FX and Payments businesses a genuine competitive edge over traditional FX payments services,” he added.