Under this new agreement, PSI-Pay will become a member of the Saxo Payments Banking Marketplace, offering its clients fast and secure international transfers for their customers.

PSI-Pay is regulated by the FCA in the UK and is a Principal Member of MasterCard. PSI-Pay provides electronic money accounts to their clients enabling them to make online payments. PSI-Pay also provides card scheme sponsorship services and issues payment cards on behalf of corporates under its own regulatory and MasterCard licenses.

As a regulated entity, PSI-Pay needs to be able to handle cross border payments in multiple currencies in a secure and compliant manner. The Saxo Payments Banking Marketplace provides PSI-Pay with the platform to achieve this. PSI-Pay is providing its merchants with a Saxo Payments segregated IBAN account which allows them to make payments to their merchants (via a PSI-Pay digital wallet or prepaid card) and make onward payments.

Phil Davies, Managing Director of PSI-Pay explains: “Our customers are diverse, but they all need to be able to provide a secure, real-time, online ‘bank’ functionality to their customers or employees and our membership of the Saxo Payments Banking Marketplace enables us to meet this need whilst remaining completely compliant.

“Compared to traditional banking services, Saxo Payments has an enlightened approach to its prospective clients. By taking the trouble to understand our business thoroughly, it suggested a very workable solution, which mirrors the way PSI-Pay operates. Saxo Payments has already demonstrated its genuine desire to work in partnership with us to our mutual benefit. We believe this partnership will help improve our workflow, decrease our overheads and improve our bottom line.”

Anders la Cour, Chief Executive Officer for Saxo Payments, added: “Our web-based banking platform allows businesses to handle transfers in real-time, at a fraction of the cost of traditional banking services, and in their own brand. Through the Saxo Payments Banking Marketplace PSI-Pay can deliver a better proposition, saving time for its staff, while reducing costs on payments anywhere in the world for its customers.”