The solution went live last week.

Saxo Bank is a global investment bank specialising in online trading and investment across the international financial markets. Saxo Bank enables private investors and institutional clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via multi-award winning online trading platforms, as well as offering professional portfolio and fund management.

Vortex is an innovative solution, deployed online and as SaaS, that allows clients to on-line enter from one to tens of thousands payment messages in SWIFT format, and for the message fields containing BBANs, IBANs, BIC Codes, SWIFT Codes and Sort codes to be validated, and cross referenced. Where there is missing or incorrect information, this will be elicited and able to be corrected prior to sending. This means that Saxo will be able to save charge-backs for incorrect messages, and significantly increase the STP capability.

Henrik Alsoe, Head of Operations, Executive Director of Saxo Bank commented, "Vortex is a simple yet sensible solution that we will use internally for our payments messages to be validated prior to sending. We are looking forward to getting the benefits of the online and SaaS solutions. Of particular interest to us was the ease and simplicity of deployment, which meant that we were able to easily implement it."

"We spent some time testing the service before we contracted for it and the speed of response from upload was very satisfactory," Alsoe added.

David Sinclair, CEO of Petra Financial commented, "We are delighted to add another well known and trusted bank such as Saxo to our client list and we are very pleased that the extensive testing they did before signing validated that the service delivers value, is responsive, scalable, easy to implement and delivers a fast return on investment".

John Burton, Marketing Director of Petra Financial commented, "Vortex is a simple solution to a costly problem. We have always believed that addressing these business issues with solutions that simply deliver what they promise is the key to a successful product strategy. Vortex is a subscription service that means banks pay for what they use and pay as they go. This simply eliminates most of the errors in payments messages, and most of our customers get a Return on Investment within months ".