Latest innovation from global transactions services provider set to cut out cost – and need for banks – in FX trading
Saxo Payments, the global transactions services provider, is extending its footprint in the international trading sector with the addition of a real-time FX trading platform, accessible to members of the Banking Circle.
Saxo Payments Banking Circle Real-time FX enables Corporate Treasury Departments to trade foreign currency highly cost-effectively. And by being part of the Saxo Payments Banking Circle, Corporate Treasury Departments can also manage international transactions using the cross border payments platform. The combination of the two services not only delivers important business efficiencies for handling FX conversions, but provides important market advantage and revenue opportunities.
Capitalising on the award-winning intuitive Saxo Bank FX trading platform, and Oracle’s FLEXCUBE core banking platform, Real-time FX is fast and easy to navigate and can be accessed from any device – desktop, tablet or mobile. Orders can be placed directly in a company’s trade ticket from a mobile or tablet and push notifications and alerts mean Corporate Treasury teams can react to market movements instantly. Trades have optimal accuracy and low slippage, and, in normal market conditions, prices marked in green in the Banking Circle Real-time FX platform reflect firm pricing with no re-quotes.
Taking FX conversions one step further, Treasurers can 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 they can use Real-time FX to get the best rate real-time, with the best margin and then handle the payment as a like-for-like payment, e.g. sending EUR from a EUR account.
For 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, e.g. sending EUR from a USD account.
“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,” explained Anders la Cour, Chief Executive Officer, Saxo Payments. “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.”
Saxo Payments Banking Circle Real-time FX offers:
- A global IBAN account infrastructure, providing a single platform from which Corporate Treasury Departments can seamlessly trade forex and make international payments
- Competitive FX rates across 160+ currency pairs covering more than 60 countries and 20+ currency accounts
- Low payment transaction fees
- Available in real-time 24/7
- Low payment transaction fees & liquidity pricing
- Compliant payment model with full transparency of the remitter business and the beneficiary
“Corporate Treasury departments can monitor their live exposure through Banking Circle Real-time FX”, continued Anders la Cour. “And the sophisticated risk management tools provide an overview of trading potential by displaying margin utilisation, profits/losses and more – all in real time for the best possible control of costs for a business.
“This is another example of the innovation Saxo Payments is bringing to the international trading marketplace, reducing costs for businesses trading around the world.”