Allied Wallet, an online payment processor, has joined the Saxo Payments Banking Marketplace to enhance its global reach.

The partnership will allow Allied Wallet to immediately accept and settle payments globally in multiple currencies at a lower cost.

The Saxo Payments Banking Marketplace enables immediate transfers to settlement accounts worldwide at low cost. It mitigates the prohibitively expensive traditional banking fees – often around 5% per transaction.

The Saxo Payments Banking Marketplace allows merchants to receive funds within minutes of clearing, rather than having to work to conventional banking timescales.

Andy Khawaja, founder and CEO of Allied Wallet, said: "As we continue to expand, Allied Wallet needs a competitive foreign exchange solution for a wider range of currencies. Saxo Payments stood out as the top choice for us because it offers low-cost international transfers, with fast, reliable payments in more currencies.

"This partnership puts us in a confident position to support our business growth strategy, giving us safe, affordable payments online."

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Saxo Payments CEO Anders La Cour said: "Through our global banking platform Allied Wallet can access the worldwide markets in multiple currencies to fulfil their plans for rapid expansion."