Saxo Payments Teams With Oracle to Simplify and Reduce the Cost of Global Payments for FinTechs and Their Merchant's Customers

LONDON, UNITED KINGDOM--(Marketwired - Oct 1, 2015) - Oracle (NYSE: ORCL) -- Growing security concerns, more stringent regulatory requirements and the costs and time required for each financial transaction are driving significant changes to the global payments space. Global transactions innovator, Saxo Payments, is meeting these challenges head on with Saxo Payments Banking Marketplace, a solution that empowers FinTech businesses to deliver instant and low-cost cross border payments capabilities to their merchant clients. Saxo Payments, a subsidiary of Saxo Bank, selected Oracle FLEXCUBE on Oracle Managed Cloud Services as the foundation for this new service.

International payments and money transfers add significant costs to businesses operating in the global marketplace. Few players in the payments space have a truly global reach underpinned by a global account infrastructure and a specific focus on the FinTech industry participants and its merchants. 

Saxo Payments is challenging the status quo with the launch of Saxo Payments Banking Marketplace. The new offering enables FinTech businesses, including banks and payment service providers (PSPs), to deliver immediate transfers to bank accounts worldwide at very low costs -- a compelling competitive advantage for these organizations and their merchant clients looking to expand rapidly to new markets.

Saxo Payments Banking Marketplace makes cross border payments "local" by using segregated international bank account number (IBAN) accounts in multiple currencies -- enabling members to make and receive cross border transfers in seconds rather than days -- without the need for establishing multiple banking relationships. It also reduces the costs currently charged by conventional banks for cross border transfers by providing access to a global account infrastructure on a secure and compliant Oracle-based banking platform. 

By building its new banking marketplace solution with Oracle FLEXCUBE on Oracle Managed Cloud Services, Saxo Payments helps ensure the flexibility, scalability, high performance and security that it requires to support the FinTech industry and its merchant customers. The, standards-based digital banking platform enables Saxo Payments to deliver a superior global service while reducing operational risk and significantly lowering the cost of conducting business internationally for financial organizations and their customers. Oracle FLEXCUBE is built to meet stringent security protocols and is flexible to readily accommodate changing regulatory requirements.