Treasury Management Internation Logo

Disruptor Tackles ‘Closed Shop’ of International Payments Sector

  • Tuxedo Money Solutions signs up to Saxo Payments Banking Marketplace for fast, compliant and secure international transactions

London – Today, global transactions services provider, Saxo Payments is announcing a major contract win, with Tuxedo Money Solutions. The ground-breaking Saxo Payments Banking Marketplace will deliver fast cross-border transfers for Tuxedo Money Solutions and its corporate client base, in all major currencies, between almost any countries in the world, at significantly reduced cost compared with banks.

In contrast to conventional international banking processes, the Saxo Payments Banking Marketplace enables immediate transfers to bank accounts worldwide at very low cost. Designed to empower the swathe of FinTech businesses seeking to exploit the global digital marketplace, Saxo Payments mitigates the prohibitively expensive traditional banking fees – often around 5% per transaction. The Saxo Payments Banking Marketplace allows merchants to receive funds within minutes of clearing rather than having to work to conventional banking timescales and at a fraction of the cost of traditional providers – approximately 1% or less.

Anders la Cour, Chief Executive Officer, Saxo Payments said: “The new global consumer has driven innovation and demand for cross border transactions, which has seen an emergence of new payment methods, from e-invoices and mobile to electronic wallet and virtual card systems. Despite this, many FinTechs face a common challenge; the lack of ability to offer low-price, cross border transfers with low currency risk to their merchants.

“We are enabling enterprises with international client bases, like Tuxedo, to focus on their core business while extending their value chain and product offering, allowing them to compete directly with the banks. We are doing this by giving them the ability to offer their clients the facility to manage global transfers quickly and cost effectively, truly empowering global trade. Our ground-breaking solution ensures that financial regulation is completely adhered to, without impacting on business success.”

Tuxedo Money Solutions is a payment solutions provider, with extensive experience in the delivery of prepaid card and alternative payment solutions.

John Sharman, Chief Executive of Tuxedo Money Solutions added: “At Tuxedo we have developed an exceptionally robust and flexible payment platform, capable of operating a wide range of domestic and cross border payment solutions. We are currently building the most comprehensive cross border payment solution in the market, giving our clients the ability to transfer money via multiple means; from transfers to e/m wallet payments and virtual card solutions. By partnering with Saxo Payments, we will be able to deliver a truly global cross border payments solution focused on delivering low cost transfers to our multinational client base.”

At the heart of the Saxo Payments Banking Marketplace is a global transaction hub, to facilitate international transfers via domestic banking accounts in separate countries and for separate currencies. Saxo Payments provides businesses with access to a global account infrastructure, combined with a competitive FX solution operated on a fully secure and compliant clouded Oracle-based banking platform.

Most recent episodes

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...


HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...


The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...


HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....


Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...


HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...


Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...


Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...


Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...


Instant Payments: Instant Rewards

TMI’s Eleanor Hill sits down in the virtual TreasuryCast studio with J.P. Morgan’s Global Head of Real-Time Payments, Cyrus Bhathawalla, to discuss how treasurers can capitalise on the evolving nature of real-time payments. Our guest contemplates the elements...