Saxo Payments Teams with Oracle to Simplify and Reduce the Cost of Global Payments for FinTechs and their Merchant’s Customers
OREANDA-NEWS. October 05, 2015. 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.
“Having Oracle experts managing the Saxo Payments’ cloud-based IT infrastructure enables us to focus business resources on innovation while operating at peak efficiency, with IT systems that are readily available, secure and up-to-date. Saxo Payments has benefited from Oracle’s rapid deployment model for Oracle FLEXCUBE on its managed cloud,” said Anders la Cour, Chief Executive Officer, Saxo Payments.
Saxo Payments was established in 2013 as a subsidiary of Saxo Bank. The business is capitalising on the latest advances in digital communications, combined with the banking know-how of Saxo Bank, to revolutionise the traditional methods and costs of international payments and money transfers.
“Saxo Payments deployment of Oracle FLEXCUBE on Oracle Managed Cloud Services is a great example of how financial services organizations are using our versatile products and services to drive extreme innovation. Saxo has the potential to truly disrupt the global payments industry with its Payments Banking Marketplace, which takes aim at the cost, complexity, and latency traditionally associated with cross border payments,” said Chet Kamat, Senior Vice President of Financial Services, Oracle.
Oracle Managed Cloud Services are delivered from world-class data centers and include key security, compliance, and risk management functionality as well as industry-specific certifications (e.g. PCI DSS, SOC 1, FedRamp and NIST standards).Oracle applies best practice security standards and controls that are based on ISO 27000, and continuously tests and monitors the integrity of these controls. A security package, tailored specifically for the financial services industry, offers multi-layered-in-depth risk management and security services encompassing physical, network, data, platform and application layers to provide the highest levels of security and risk management options to financial institutions.