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Banking Circle Virtual IBAN eliminates the need for multiple bank accounts in multiple countries and currencies
Saxo Payments, a subsidiary that Saxo Bank established in 2013, just announced that is launching Banking Circle Virtual IBAN. Delivering full transparency and faster settlement on payments and transfers, Banking Circle Virtual IBAN is a proposition, giving FX and Payments businesses a competitive edge by enhancing the service they can deliver to their customers.
Banking Circle Virtual IBAN negates the need to have several banking relationships and enables FX and Payments businesses to give their customers their own virtual IBANs. With full transaction transparency, payments acceptance and screening time are reduced. Banking Circle Virtual IBAN also reduces the likelihood of errors in processing cross border payments. Reconciliation and settlement times are improved. End-to-end transparency also reduces AML and KYC risk.
FX and Payments businesses simply set up a master account on the Banking Circle platform, in as many currencies that they require to service their customers. Then, by issuing a single, multi-currency IBAN from their master account, FX and Payments businesses can allow their customers to receive any of the currencies supported by Saxo Payments into a single IBAN.
With a fast account set-up, customers can send money to the virtual IBAN account, allowing for payments to be made and received at low cost per transaction. And, crucially, the FX and Payments business can provide its customers with their online account status.
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”, explained Anders la Cour, CEO of Saxo Payments.
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.