Saxo Payments, a subsidiary of Saxo Bank, has launched a new banking solution, called Banking Circle Virtual IBAN, which will eliminate the need for multiple bank accounts in multiple countries and currencies.
The platform will enable foreign exchange (FX) and payments businesses to give their customers their own virtual IBANs. It will also reduce errors in processing cross border payments.
FX and payments businesses can set up a master account on the Banking Circle platform, opting for nearly any major currency. Then, by issuing a single, multi-currency IBAN from their master account, they can allow their customers to receive any of the currencies supported by Saxo Payments into a single IBAN.
Saxo Payments CEO Anders la Cour said: “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.”