We know it is important for Payment Service Providers (PSPs) to access UK domestic payment and cash management services.
Fewer banks provide current accounts and financial services to you. When they do, significant foreign exchange charges are a further burden for you.
At BFC Bank, we take a refreshing approach.
We are part of BFC Group which has operated a global money remittance and foreign currency operation for many years through offices in the UK, Asia and the Middle East. As a result, we are well placed to understand your requirements and challenges.
Our products are tailored to help PSPs access domestic and international payment gateways. We work to the highest compliance standards, and combine integrity with up-to-date technology to provide secure and compliant banking for PSPs.
We only work with organisations that meet our high standards of compliance. Before you become a client our compliance team must review your compliance to regulation. There is an ongoing monthly compliance fee to cover the cost of enhanced due diligence, tailored to your risk profile.
Access to bank accounts that meet the needs of Payment Service Providers (PSPs) can be constrained.
We make it our business to help you access domestic and international payment gateways, subject to approval.
We have developed products and services specifically to meet PSPs need for international payments and cash management. We are well placed to understand the challenges and requirements of fellow PSPs. We are part of BFC Group which has operated international payments, money remittance and foreign currency businesses for many years through our offices in the UK, Asia and the Middle East. As a result, we are better positioned to understand your challenges and requirements.
We operate to the highest compliance standards. Our integrity combines with up-to-date technology to provide compliant and secure banking solutions.
Forward-thinking organisations like BFC Bank have implemented strategies to support Payment Service Providers (PSPs).
International transaction flows and payments by non-bank PSPs continue to increase in quantity. At the same time the number of banks that provide current accounts and services to the sector has reduced.
PSPs typically execute high volumes of cross-border payments and foreign exchange (FX) on a daily basis. These peak around holiday periods and festivals.
Cross-border payments by PSPs require a bank account held in a regulated financial institution. Since 2008 UK and international banks have ‘de-risked’ and deleveraged activity with smaller banks and PSPs. De-risking by banks occurred at a time of high-profile penalties and investigations. The influence of this continues to impact the sector.
These challenges prompted us to look at a new PSP strategy.
As a PSP you face significant FX charges from providers who may be direct competitors and act as aggregators. Your clients and retail customers are generally sensitive to exchange and transaction rates.
Other challenges include increased regulatory demands, the need for UK-based segregated client accounts, and a lack of service in cash collections.
Throughout our 100 year history, we have always strived to provide the most cost-effective foreign exchange (FX). We help Payment Service Providers (PSPs) be more competitive in international business
Our fast, transparently-priced online service gives you access to multi-currency accounts and published FX spreads.
We have core strengths in FX and international payments. We are transparent about our FX charges and give you clear information on tariffs. This gives you the confidence you need in a corporate bank and an ability to benchmark against other providers. Our long history and industry-leading FX expertise is available to you through our team of knowledgeable Relationship Managers.
We have direct access to the UK Faster Payments Scheme (FPS) as a full independent member. We are a member of SWIFT.
We help you to reduce your cost base through innovative products at fair prices that increase operational efficiency and improve cash management. Our unfussy products are provided at fair and transparent rates. Our online portal increases operational efficiency. Your Relationship Manager and specialist experienced support staff are dedicated to improve your cash and time management.
We can extend our direct FPS membership so you can clear directly in FPS as a non-settling participant. We offer this at a competitive price. If you have a larger UK turnover for payroll and other payments, for example, you can take advantage of this facility.
Our online, near real-time proposition also provides clear visibility of rates and margins. This helps you make more informed decisions.
We make it clear to Payment Service Providers (PSPs) how our banking fees and Foreign Exchange (FX) charges are calculated.
You may find it difficult to identify the precise nature and breakdown of charges. We take a different approach. We believe in complete transparency and disclosure of our fees. We always let you know what you pay for.
The same high level of disclosure applies to our FX spreads. International payments and FX transactions may include hidden costs. Our policy of openness on FX charges gives you a clear view of the exact make-up and scale of any charges.
If you undertake FX in multiple currencies, you may have to pay wide spreads that are not always transparent. You may be forced to accept these costs without further explanation.
At BFC Bank we provide cost-effective and transparent corporate banking services. We support you with complete openness about margins and FX spreads. We manage the high compliance costs of the sector and offer fairly priced solutions.
As a recently established bank, we deliver a highly efficient online service, unencumbered by legacy systems and technologies that are expensive to maintain and operate.
As well as competitive pricing for our online services, our advanced, multi-currency account model helps you make payments and manage FX as efficiently and effectively as possible.
With BFC Bank, you enjoy the best of both worlds: banking advantages that are normally the reserve of larger financial institutions combined with the technology and innovation from a start-up company. Our business model delivers substantial cost savings when you undertake international payments through us.
Robust compliance and in-depth client due diligence are critical for any organisation in the regulatory intensive payments sector.
Compliance in financial services is an absolute prerequisite to deliver a quality service to clients. Shortcomings in compliance policies or non-adherence to regulation have severe consequences.
We take regulatory and compliance obligations extremely seriously in all facets of our business. We conduct thorough Know-Your-Customer (KYC) checks to verify that high Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) standards are in place.
We only work with Payment Service Providers (PSPs) that meet stringent compliance criteria, demonstrate considerable financial strength and a robust business model. We work constructively with PSPs with resilient procedures and protocols. An assessment on each prospective client is undertaken by our compliance team. There is a charge for this service which will be advised to you before it is initiated. You must make evident total compliance to AML, CTF and KYC regulation and principles.
Our global payments and cash management services comply with industry and international regulatory best practice and guidelines. To ensure full compliance, we invest in leading-edge technology, systems and personnel. We place integrity at the heart of our business and work with industry leaders to deliver a safe, secure and highly compliant service.
BFC Bank Limited, 9th Floor, South Quay Building, 189 Marsh Wall, London E14 9SH
BFC Bank is a trading name of BFC Bank Ltd authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Financial Services Register number: 716167. BFC Bank Limited Registered in England and Wales, company number 4797759.
© BFC Bank 2019