Whilst cost comes top of the list of concerns for half of payments-related businesses when it comes to cross-border transfers, the speed of setting up a currency account, FX and payment facilities is the greater risk when it comes to servicing clients.
One in five respondents to the Saxo Payments exclusive research said that it takes 2-3 months to set up new accounts with their current provider. And nearly half (44%) cited payment settlement times as causing the longest delay to the processing of FX payments.
FX businesses revealed that over half (51.6%) are not able open currency accounts on behalf of clients with their current banking provider. And nearly a third (29%) said it took 2-3 months to set up currency account, payment and FX facilities. Almost half (48.4%) of FX businesses also said that their current provider does not help them reach or expand into new international markets.
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