Saxo Payments, a subsidiary of Saxo Bank, has opted for Oracle FLEXCUBE on Oracle Managed Cloud Services for its new banking marketplace solution.

Saxo Payments Banking Marketplace has been designed to help FinTech businesses offer instant and low-cost cross border payments capabilities to their merchant clients.

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The solution allows FinTech businesses, such as banks and payment service providers (PSPs), to provide immediate transfers to bank accounts throughout the world at low costs.

In addition, it helps make cross border payments local through use of segregated international bank account number (IBAN) accounts in multiple currencies and reduces the time to make and receive cross border transfers from days to merely seconds, without the requirement to set up multiple banking relationships.

At the same time, it lowers the costs currently charged by traditional banks for cross border transfers by offering access to a global account infrastructure on the secure and compliant Oracle-based banking platform.

Oracle FLEXCUBE has been designed to meet strict security protocols and offers the flexibility to accommodate changing regulatory needs.

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Choosing Oracle’s FLEXCUBE platform for its marketplace solution is therefore, expected to help Saxo Payments deliver flexibility, scalability, high performance and security to effectively support fintech businesses and its merchant customers.

The standards-based digital banking platform will allow Saxo Payments to deliver efficiency in service, reduce operational risk as well as reduce the cost of conducting business globally.

Saxo Payments CEO Anders la Cour said: "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."