Online payment processor Allied Wallet has joined the Saxo Payments Banking Marketplace, allowing it to immediately accept and settle payments globally in multiple currencies at a lower cost.

As a registered payment institution in the European Union, London-based Saxo Payments operates as a unit of Saxo Bank to provide global payments and foreign exchange services to acquirers, payment service providers, e-wallets and alternative payment providers.

The Saxo Payments Banking Marketplace helps FinTech businesses serve the global digital marketplace with a rate of less than 1% per transaction, or about 4% below traditional banking fees, the company states in a June 23 press release.

"As we continue to expand, Allied Wallet needs a competitive foreign exchange solution for a wider range of currencies," Andy Khawaja, founder and CEO of Allied Wallet, said in the release. Allied Wallet enables transactions in 196 countries and accepts 164 currencies.

Saxo Payments offered the lowest cost for international transfers in a fast and reliable online system, Khawaja added. Saxo Payments operates on a Web-based banking platform for cross border transfers from domestic accounts in multiple currencies. The marketplace provides businesses with access to global accounts through a secure and compliant cloud-based Oracle platform, the company said.

Late last year, Allied Wallet added new options to its payment processing, including iDeal, DaoPay and Rapipago. The options cover traditional online payments, secure phone payments, mobile applications and tax or utility bill payments.

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