On Sunday 16th September, BFC Bank was featured in the Business Reporter Future of Payments special edition which was distributed nationally within the Sunday Telegraph.
The feature, which took over the entirety of the back page of the supplement, focused on the PSP banking sector and how BFC bank can best serve the sector with customised banking solutions.
Since the end of foreign exchange controls in the UK in 1979, there is no official mechanism for recording international monetary transactions. It is therefore difficult to obtain information on the numbers of international payments and the amounts that are sent from the UK. Information is generally gathered from numerous sources, and while these differ, they all consistently point to the UK as one of the top 10 remitting countries in the world.
To support these payments there is a vibrant payments service provider (PSP) industry, also known as money service businesses, operating in the UK. It is estimated that there are four times the number of PSPs in the UK than France, Germany, Italy, Netherlands and Spain combined. They come in various shapes and sizes, ranging from niche start-ups to large enterprises with international footprints.
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About BFC Bank
BFC Bank is a London-based UK bank, part of the BFC Group, a 100 year old financial institution that provides services in more than 55,000 locations across 40 countries worldwide. BFC Bank specialises in international payments and foreign exchange services for SMEs. In addition the bank provides services for Payment Services Providers and for wholesale foreign exchange dealers. BFC Bank received its UK banking licence in September 2016.