Banking Circle Virtual IBAN, a Saxo Payments Banking Circle solution, is on the shortlist for the Best Alternative or Digital Payments Programme in the 2018 Card and Payments Awards, the Financial Innovation Awards Best Payment Initiative and Best Industry Innovation of the Year in the 2018 Card and Payments Awards, and the Banking Technology Awards Best Corporate Payments Initiative.

Launched in early 2017, the banking solution is built around full transparency and reduced waiting times when it comes to transfers and settling payments. Through the solution, financial institutions can issue their own virtual IBANs, circumventing the need for multiple banking relationships. The platform also handles multiple currencies and is multi-jurisdictional. All of this delivers a service that can give banks and fintech companies alike a competitive advantage through improving the quality of the services they provide their customers.

Commenting on their nominations for the awards, co-founder and CEO of Saxo Payments Banking Circle Andres la Cour spoke of the platform’s utility for fintech operations:

“Giving Financial Tech businesses and banks the ability to issue individual IBANs to their customers, in any currency required – and in each customer’s name – Banking Circle Virtual IBAN is a serious game-changer. It’s great, therefore, that our focus has been recognised with these shortlistings.”

About Saxo Payments A/S and Saxo Payment Banking Circle

Saxo Bank created Saxo Payments in 2013. The purpose of this entity is to apply the bank’s strengths to the non-cash payments sector. Its core business is providing financial institutions with global payment account transactions and foreign exchange services.

In 2015, Saxo Payments launched the Banking Circle, which gives financial institutions the opportunity to offer their customers the ability to make direct payments via their own proprietary web interface, without losses in time or money.