OVER HALF OF PAYMENTS BUSINESSES ARE PLANNING TO CHANGE FINANCIAL PARTNERS AHEAD OF THE UK’S EXIT FROM THE EUROPEAN UNION

by PaymentsJournal 0

New research amongst payments professionals tobe presented by Saxo Payments

at European Payment Summit
www.saxopayments.com

London, 9thMarch 2017 – New research conducted by ground-breaking payments innovator, SaxoPayments, has revealed the potential impact of the UK’s exit from the EuropeanUnion amongst payments professionals. Anders la Cour, founder and CEO ofSaxo Payments presented the findings at the European Payment Summit, in The Hague,as he examined the opportunities for the next generation of cross borderpayments.

When askedabout the potential impact of the UK’s exit from the European Union, more thana third of those who responded to the Saxo Payments survey said they are consideringmoving operations currently in the UK before the country’s exit. Overhalf said they plan to change financial partners.

The researchalso revealed that whilst 37% would like to have just one banking relationshipto facilitate cross border payments, the reality is that a third currently havefive or more.

“Clearly theUK’s exit from the EU is taking considerable thinking time for businesses rightacross the Union”, said Anders la Cour. “And one area that needs to beaddressed is stability in the processes that businesses use for cross borderpayments. Whatever else might happen, they want to have certainty aboutcash flow and costs.

“Indeed, ourpiece of focused research amongst payment professionals suggested that there isan appetite for businesses to find a third party one-stop-shop to provide theplatform for their cross border payments with nearly 60% advocating thisapproach, driven by a desire to reduce external costs and improve cash flow.”

At theEuropean Payment Summit, Anders la Cour discussed whether the next generationof cross border payments means the end of correspondent banking.

The digitalspace is shifting the payments landscape. But the correspondent bankinginfrastructure is stopping businesses with international trading ambitionsbeing truly global because they have to manage many banking relationships inmany countries. Anders la Cour suggested that the answer is a whole newecosystem which is rapidly emerging to provide the infrastructure for businessto business cross border payments without any need for correspondent banks.