Settlement times are a major problem for nearly half of all FX businesses, according to research from Saxo Payments.

In a white paper entitled “Missing the Opportunity”, the transactions firm outlines how respondents to its survey said that it can take up to three months to set up new accounts with their current provider. 44% cited payment settlement times as causing the longest delay to the processing of FX payments

More than half of FX firms (51.6%) said that they are unable to open currency accounts with their banking provider, while 48% added that their providers failed to help them expand into new markets in any way.

The research, says Anders la Cour, CEO of Saxo Payments, shows that if “the current limitations in cross border payments are allowed to perpetuate, there could be a real risk of businesses operating in the international marketplace finding themselves underbanked.”

The full white paper can be found here.

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by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: