Credorax, the digital merchant acquiring bank, has selected Saxo Payments Banking Marketplace to offer increased benefits for its payment service provider partners and merchant customers.

The Saxo Payments Banking Marketplace provides a channel for bank transfers in multiple currencies anywhere in the world.

The contract will allow Credorax to enhance its acquiring services as well as accelerate the receipt of merchant funding within minutes of clearing.

Credorax CFO Aviram Shemer said: "We’re currently doubling our processing volume year-on-year and need to ensure we have the best systems in place to sustain that growth, whilst meeting the same high standards our merchants have come to expect from Credorax."

Saxo Payments CEO Anders la Cour said: "Our web-based banking platform allows businesses to make transfers in real-time, at a fraction of the cost of traditional banking services. We look forward to working closely with Credorax to help them deliver more benefits for their merchants, with favourable rates on foreign exchanges and transfers."