Burnmark white paper examines true potential of emerging ‘financial utilities’

In a move to reflect the company’s position as a financial utility for core banking services, Saxo Payments Banking Circle is launching a new industry white paper at Money2020 Las Vegas.

Reimagining global banking services in the connected digital marketplace, commissioned by Banking Circle and published by Burnmark, examines the true potential of the emerging ‘financial utilities’.

With the growth of the digital landscape and online marketplaces for trade, the world has become more intricately and instantly connected than ever before. For the first time in history, emerging economies are counterparts on more than half of global trade flows. Yet, despite the explosion of global trade enabled by the latest technology, borders still have a huge impact when it comes to making and handling core banking services. The new Banking Circle white paper examines some of the external factors affecting global payment flows – from geopolitical developments and evolving regulation to foreign exchange, economic volatility and shifting trade corridors.

“Core banking services and especially cross border payments, clearly essential when trading internationally, go to the heart of the conundrum currently facing banks and Financial Tech businesses”, explained Anders la Cour, CEO of Banking Circle. “Bringing higher costs than local transactions, they inevitably mean additional costs being passed onto customers – and that can mean lost opportunities.

“Financial institutions are therefore looking beyond traditional routes to meet the evolving needs of their customers. And the emergence of financial utilities could be the answer to overcoming challenges such as high FX charges, poor FX rates and slow transfer times. Our new white paper examines the role these financial utility organisations can play and how they are opening up the global market to meet 21st Century demands and expectations.”

To download a copy of the white paper, ‘Reimagining global banking services in the connected digital marketplace’, please click here.

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.