Saxo Payments, the global transactions services provider, has been chosen by Lycamoney Financial Services Ltd, for its new International Money Remittance business, LycaRemit. As a member of the Saxo Payments Banking Marketplace, LycaRemit will benefit from low FX charges and real-time payments, giving it a competitive edge in the money transfer market and helping the start-up business to grow rapidly, with a particular focus on capturing the Asian market.
LycaRemit is an online service that enables individuals to send money across the globe, at attractive FX rates, via their computer, smartphone or tablet. It is the newest addition to the Lyca Group, which also includes Lycamobile the largest mobile virtual network operator in Europe, offering low cost, high quality international calls to over 30 million customers across 19 countries.
Under the new agreement, LycaRemit has joined the Saxo Payments Banking Marketplace, accessing segregated IBAN accounts in multiple currencies which makes global payments ‘local’, thereby cutting out traditional banking costs for cross border transfers. Saxo Payments is also offering LycaRemit a competitive FX solution delivered through direct sourcing access to a 15B euros daily FX liquidity pool.
The user-friendly technology platform that underpins the Saxo Payments Banking Marketplace particularly appealed to LycaRemit, eliminating the need for the start-up to create its own payment platform.
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As Veera Muthusamy, Director – Commercial & Product Development – for Lycamoney Financial Services explains, the Saxo Payments Banking Marketplace has provided an important component for the new money transfer service: “Previously, we’ve faced a number of challenges in traditional banking, particularly in the remittance business. Saxo Payments offers us the solution we need, helping us to deliver low cost, cross border transfers and global payouts through a single provider. This partnership with Saxo Payments offers us a strategic advantage, as we continue to expand our share of the niche market of migrant businesses.”
Anders la Cour, Chief Executive Officer for Saxo Payments, added: “Through this partnership with Lyca Group, we are already bringing its clients faster international payments, at a reduced cost, across international borders. We look forward to building on this relationship, with plans to develop the FX payments solution and expand the use of Saxo Payments for Lyca’s other brands.
“Our web-based banking platform allows businesses to make transfers in real-time, at a fraction of the cost of traditional banking services, making Saxo Payments the first choice for many FinTech businesses like Lyca Group.”