Saxo Payments partners Lycamoney Financial Services Ltd, part of Lyca Group

As a member of the Saxo Payments Banking Marketplace, LycaRemit will benefit from FX charges and real-time payments, placing it in the money transfer market and helping the start-up business to grow, with a particular focus on capturing the Asian market.

LycaRemit is an online service that enables individuals to send money across the globe, at FX rates, via their computer, smartphone or tablet. It is the newest addition to the Lyca Group, which also includes Lycamobile the largest mobile virtual network operator in Europe, offering international calls to over 30 million customers across 19 countries.

Under the new agreement, LycaRemit has joined the Saxo Payments Banking Marketplace, accessing segregated IBAN accounts in multiple currencies which makes global payments ‘local’, thereby cutting out traditional banking costs for cross border transfers. Saxo Payments is also offering LycaRemit a competitive FX solution delivered through direct sourcing access to a EUR 15 billion daily FX liquidity pool.

The technology platform that underpins the Saxo Payments Banking Marketplace particularly appealed to LycaRemit, eliminating the need for the start-up to create its own payment platform. The Saxo Payments Banking Marketplace has provided a new component for the money transfer service.