London, 14th December 2017 – Saxo Payments Banking Circle Virtual IBAN has been awarded Best Corporate Payments Initiative in the Banking Technology Awards 2017. Ground-breaking B2B financial utility, Banking Circle, supports Tier 2 and 3 Banks, and Financial Tech businesses, giving them a crucial competitive edge by enhancing the service they can deliver to their customers.
Anders la Cour, co-founder and Chief Executive Officer of Saxo Payments Banking Circle commented, “With Banking Circle now being adopted as a financial utility by a number of banking partners, this award is an important acknowledgement of the vital role we are playing for businesses providing their customers with cross border payments services. To win such a prestigious banking industry award is a great honour for us, recognising the hard work of the entire team in developing a market-leading and truly unique proposition.”
The Banking Technology Awards’ 18th award ceremony took place alongside a prestigious gala dinner at the Millennium Hotel London Mayfair on 13th December, and recognised excellence and innovation in the use of IT in financial services around the world.
Delivering full transparency and faster settlement on payments and transfers, Banking Circle Virtual IBAN is a unique proposition. As a multi-currency, multi-jurisdictional banking solution, it negates the need to have several banking relationships and enables financial institutions 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 and improves reconciliation and settlement times.
“Banking Circle Virtual IBAN gives Financial Tech businesses and banks the ability to issue individual IBANs to their customers, in any currency required – and in each customer’s name – making it a serious game-changer”, added Anders la Cour. “We were up against some tough competition in the Corporate Payments Initiative category, and winning the award is testament to the innovation and expediency of Banking Circle Virtual IBAN.”
About Banking Circle
In 2013 Saxo Bank formed a new entity, Saxo Payments A/S, with the purpose of using Saxo Bank’s core capabilities within the non-cash payments market. In October 2015 the company launched the Banking Circle – its grounbreaking product for payments and FX to the Financial Tech industry. In October 2017, the company launched its new identity for the Banking Circle, to reflect its position as a financial utility within core banking.
Domiciled in the European Union, Saxo Payments specialises in providing global payment account transactions and foreign exchange services to financial institutions, including FinTechs, banks, acquirers, payment service providers, FX brokers, money transfer businesses, e-wallets, and alternative payment providers. Saxo Payments is a Saxo Group company.